Super changes are coming on 1 July 2025
Super Guarantee (SG) increasing
From 1 July 2024, the SG rate rose to 11.5%, with a final increase to 12% set for 1 July 2025.What it means
More contributions from your employer means more super in your retirement.
What to do
Use this boost to your advantage. Consider salary sacrifice if you’re still working, and run a projection to see how it could grow your super over time.
Transfer Balance Cap raised
The cap for moving super into a retirement-phase account increased from $1.9M to $2M.What it means
You may now be able to transfer more into the tax-free retirement phase and make larger after-tax contributions.
What to do
Planning an account-based pension? Starting it after 1 July could give you more flexibility. Consider rethinking your EOFY contributions to take advantage of the increased limit.
Proposed tax on high balances
From 1 July 2025, proposed legislation would tax part of the earnings on super balances over $3M at an extra 15%. This is not yet law.
What it means
If your balance is near or over the threshold, you may be affected—but for now, there’s no need to act.
What to do
Stay informed. If passed, this may impact your investment and withdrawal strategies. We’ll keep you updated if this changes.
Age Pension thresholds rising
From 1 July, lower income and asset thresholds will increase—potentially making more retirees eligible for a full or higher Age Pension.
What it means
More retirees could qualify or see higher payments. Previous increases included up to $12 extra per fortnight and asset threshold lifts of over $22,000.
What to do
Check your position using tools like MoneySmart or Services Australia to see if you could now qualify.
Age Pension age remains at 67
There are no changes to eligibility—it still begins at age 67.What to do
You can apply 13 weeks before your 67th birthday. If you’re 65 or older, now’s the time to plan your income mix from super and the Age Pension.
Deeming rates frozen again
Deeming rates remain unchanged until 30 June 2025, helping protect pension payments amid cost-of-living pressures.What it means
Your financial assets may be assessed under more favourable assumptions.
What to do
Use tools like the Age Pension Calculator to estimate your payments—and prepare for potential changes after 2025.