Superannuation: Year End Issues (June 2024 Tax Update)

Relevant For:

Business owners, employers, high-income earners and individuals managing personal superannuation contributions.

Key Points:

  • Claiming a personal superannuation deduction requires a valid notice to the fund trustee.
  • Division 293 tax applies to high-income earners exceeding $250,000 in income and contributions.
  • Compulsory employer super contributions rate increases to 11.5% from 1 July 2024; ensure payroll updates.
  • Concessional contributions cap rises to $30,000 from 1 July 2024.
  • Non-concessional contributions cap increases to $120,000 from 1 July 2024.
  • Government co-contribution and spouse contribution tax offsets available for eligible individuals.
  • Minimum pension payments must meet 2023–24 standards to avoid penalties.
  • New Division 296 tax on super balances over $3 million from 1 July 2025.
  • Payday super to align with payroll cycles from 1 July 2026.

Full Article:

As we enter the final weeks of the financial year, time is running out to ensure your superannuation affairs are in order for 2023–24.

Contributions to superannuation

Claiming a deduction for personal contributions

If you want to claim a deduction for a personal superannuation contribution you have made during the 2023–24 income year, you will need to:

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