Here’s a quick breakdown from our superannuation partner, Hostplus:
The Superannuation Guarantee has increased to 12%. This boost, combined with compound returns, helps you build a more comfortable retirement.
Super will now be paid on government-paid parental leave. Analysis shows this will increase a mother-of-two’s retirement savings by about $14,800.*
The transfer balance cap and total super balance threshold have risen to $2 million. This change may impact your retirement income streams and contribution strategies.
Government co-contribution thresholds have changed. If you earn up to $47,488, you could receive up to $500 in co-contributions. Partial contributions may apply if you’re earning up to $62,488.
Learn more about all the changes here:
*Source: Super Members Council Australia