The end of the financial year is fast approaching, and it's time to get ready. Here are the key superannuation dates you need to know to meet your super obligations.
14 June 2024 – Superannuation Guarantee (SG) contributions due
For Superannuation Guarantee (SG) contributions made via an external clearing house, we recommend making payments by 14 June 2024. Each clearing house will have their own timelines and making contributions by this date will ensure they’re allocated this financial year.
21 June 2024 – SG contributions via Cbus Clearing House due
SG contribution payments made via the Cbus Clearing House must be made by 4pm (AEST) on 21 June 2024 to ensure they’re allocated this financial year.
14 July 2024 – STP finalisation declaration due
Your Single Touch Payroll (STP) finalisation declaration is due. This declaration indicates that you’ve fully reported for the financial year for each employee. Once your declaration is done, the ATO will pre-fill your employees income tax return and display the information as ‘tax ready’ in MyGov. For more information read Finalising your STP data on the ATO website.
Changes to super from 1 July 2024
SG rate will increase to 11.5%
The SG rate will increase from 11% to 11.5% on 1 July 2024. The SG rate is the minimum amount of super you’re required to pay, by law, on ordinary time earnings.
This increase is in line with the Government’s plan to increase the SG rate to 12% by 2025.
Concessional contribution cap will increase to $30,000
The concessional contribution cap will increase from $27,500 to $30,000 on 1 July 2024.
Maximum superannuation contribution base will increase to $65,070
The maximum superannuation contribution base will increase from $62,270 to $65,070 per quarter on 1 July 2024. You do not need to make SG contributions on an employee's earnings above this limit.
Please note, employers may be required to contribute above these limits under any industrial awards or workplace agreements in place.
You can find more information about your employer super obligations here or call Cbus Super on 1300 361 784.
This information is about Cbus Super. It doesn’t account for your specific needs. Please consider your financial position, objectives and requirements before making financial decisions. Read the relevant Product Disclosure Statement (PDS) and Target Market Determination to decide if Cbus Super is right for you. Call 1300 361 784 or visit cbussuper.com.au
United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 (Cbus and/or Cbus Super).