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Changes to superannuation and preparing for the end of financial year – 30 June 2024

Calendar with 30 June Date

Changes to superannuation and preparing for the end of financial year – 30 June 2024

Calendar with 30 June Date

It’s no secret that 30 June and the lead up is an extremely busy time for individuals, businesses and the financial services industry.

In most cases, accountants and financial advisers will be managing the unique needs of each individual client through consultation, however, there are a few things that individuals and businesses should be aware of in relation to superannuation and in preparation for 30 June, 2024.

1. Superannuation Contributions:

If you wish to make contributions to your superannuation fund and claim a tax deduction for the 2023/2024 financial year, please ensure these contributions are made in the upcoming week ie; prior to 21st June. Contributions must be cleared by 30 June to be eligible. This also applies to contributions made to an employees fund. Missing this deadline means you won’t receive the tax deduction benefit until the next financial year (2024/2025).

2. Superannuation Guarantee Increase: 

Effective 1 July 2024, the Superannuation Guarantee for employees will increase from 11% to 11.5%. Please ensure your systems are updated to accommodate this 0.5% increase. As the employer, it is your responsibility to implement these changes within your business.

We also advise you to consider this 0.5% increase in your business budget, as it effectively represents a pay rise for your employees.  As always, planning for changes through a well-structured business budget and reviewing your profit and loss performance is encouraged – you can read our insights here for more ideas.

Of course, if you have any questions or concerns in relation to either of these changes or any other changes to your tax, you can reach out to your q4 financial team for support.

Happy EOFY!

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