Superannuation: Year End Issues (June 2024 Tax Update)

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

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.

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.

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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