Australian Superannuation Optimizer 2024–25

The concessional contributions cap for 2024-25 is $30,000 per year (increased from $27,500 in 2023-24). Concessional contributions include employer super guarantee (11.5% in 2024-25) and salary sacrifice. Contributions are taxed at 15% inside super instead of your marginal rate.

Salary sacrifice into super is taxed at 15% instead of your marginal rate. If you earn $90,000 (32.5% marginal rate) and sacrifice $10,000, you save 32.5% - 15% = 17.5%, or $1,750 in tax. Higher income earners in the 37% or 45% bracket save even more.

The Superannuation Guarantee (SG) rate is 11.5% for 2024-25. It increases to 12% from 1 July 2025. Your employer must pay at least this percentage of your ordinary time earnings into your nominated super fund.

Most Australians can access super at preservation age, which is 60 for anyone born after 30 June 1964. After reaching 60 and retiring, super withdrawals are generally tax-free. You can also access super under specific conditions like permanent disability or financial hardship.