If you want to make a personal contribution1 to your super account before the end of the 2024/25 financial year, you'll need to submit it by Monday 23 June 2025 to ensure it is received and allocated to your account by 30 June 2025.
On 1 July 2025, the Superannuation Guarantee (SG) – the minimum contribution your employer must make into your super fund – increased from 11.5% to 12% of your base earnings (or ordinary time earnings).
Contributions caps
However, if your total super balance is over $2 million on 30 June 2025, you won't be able to make any after-tax contributions.
For the ATO Small Business Superannuation Clearing House (SBSCH), ICB suggests you process super payments at least 10 business days earlier (by the 16th June) if they relate to tax deductions for this financial year. This should allow contributions to reach superannuation accounts no later than 30th June 2025.
Australian living overseas can only withdraw from their super if they satisfy one of the following conditions of release: They reach preservation age (60 years old), and retire.
If you're an Australian citizen leaving permanently, the same rules apply to your super, as if you were living in Australia. This means your super must stay in your super fund(s) until you are eligible to access it. Find out when you can withdraw your super.
You may be able to get Age Pension for the whole time you're outside Australia, even if you're leaving to live in another country. If you leave within 2 years of returning to Australia to live, your payment may stop if you: came back to Australia to live.
For many Australians, the answer is yes, especially if they own their home and plan their retirement income carefully. The key is understanding how long $600K can last, how the Age Pension fits in, and what kind of lifestyle this level of super realistically supports.
On 1 July 2025, the general Transfer Balance Cap — the limit on how much you can move from your super into the retirement phase — will increase from $1.9 million to $2 million.
In the organisation's super balance update, it found 2.5 per cent of the population have a super account of more than $1 million, as of June 2021. This represents 417,567 individuals, ASFA said, and is a 29 per cent increase from the 322,200 individuals who held over $1 million in June 2019.
Yes — a couple can retire on $700,000 in Australia, particularly if they own their home and are eligible for Age Pension support later in retirement. Retiring at 65 with this balance could mean an annual income closer to or above the ASFA 'comfortable' standard for couples.
How much State Pension will I get? The full rate of the new State Pension is £230.25 per week in the 2025-26 financial year (between April and April) but you may get more or less, depending on your National Insurance (NI) record.
Best Fund: Investments 2025
For the financial year 2025-26, the concessional super contribution cap is $30,000. This means you can contribute up to $30,000 to your super fund from your pre-tax income without incurring additional taxes.
The $1,000 a month rule is a retirement guideline suggesting you need about $240,000 saved for every $1,000 per month in desired income, based on a 5% annual withdrawal rate (5% of $240k is $12k/year, or $1k/month). It's a simple way to set savings goals, but it doesn't account for inflation, taxes, or other income like Social Security, so it's best used as a starting point, not a complete plan.
Technically, yes – but there are significant factors to weigh before pursuing this route. While spending down your super may reduce your assessable assets and potentially increase the Age Pension you're eligible for, it's crucial to consider how this could impact your financial security and lifestyle in retirement.
With that being said, what is a wealthy retirement? Well, according to ASFA, a comfortable retirement for a couple is around $75,000 per year and $53,000 for a single person. Given this, I would consider achieving a retirement income of, say, 30% over these amounts to be a wealthy retirement.
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$1 million is enough for a comfortable retirement if you retire at age 65. This will provide a single person with an income of $60,000 p.a. and a couple with $77,000 p.a., including Age Pension for around 30 years, based on an investment return of 6% p.a. and 3.0% p.a. inflation.
Leaving Australia and your superannuation
For Australian citizens or permanent residents, the super rules stay the same if you're moving overseas. You usually can't use your super until you reach age 60 and retire. Or you meet one of the other rules to access super.
Pension Credit
This may be extended up to eight weeks if you're away because of the death of a close relative. If you're going abroad for medical treatment, you may be able to receive Pension Credit for up to 26 weeks. You can't keep receiving Pension Credit if you move abroad permanently.
There are no plans to change the pension age, which is 67 years, nor are there any changes to payment eligibility or offering bonus payments.