To ensure super contributions are processed for the 2024-25 financial year, most funds require payments by 23–26 June 2025. While the official deadline is 30 June 2025, earlier dates are recommended to avoid processing delays. Concessional contribution caps for 2024–25 are $30,000.
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.
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.
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.
How much super you need to pay. From 1 July 2025, the SG rate is 12% of your employee's ordinary time earnings. You might need to pay a higher SG rate if it's in an award or enterprise agreement. Super contributions are paid in addition to your employee's wages or salary.
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.
The maximum you can contribute is $300,000 or the sale price of your home, whichever is less. You may make more than one contribution, but the total must not exceed this maximum.
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.
After you retire any amounts over the cap need to be transferred into an accumulation account or withdrawn taken out as a lump sum.
You can access your super: From age 60: If you're retired or leave a job. You can also open a Transition to Retirement account to access some of your super while you're still working. From age 65: Whether you're still working or not.
If you're aged 60 or over and withdraw a lump sum: You don't pay any tax when you withdraw from a taxed super fund.
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.
Your super guarantee obligations
The SG percentage is the minimum SG rate you must pay for each eligible employee. From 1 July 2025 this is 12% of their ordinary time earnings (OTE) for the quarter. OTE are a subset of an employee's salary and wages. You may pay SG at a higher rate under an award or agreement.
The non-concessional contributions cap is the maximum amount of after-tax contributions you can contribute to your super each year without contributions being subject to extra tax. From 1 July 2024, the non-concessional contributions cap is $120,000.
Only around 3.1 per cent of households have very high total balances of over $2 million. Around 1.4 per cent or 142,000 households have more than $3 million in superannuation.
The non-concessional (after-tax) contributions cap is $120,000 for 2025-26. But not everyone can make these contributions – you won't be able to make any after-tax contributions without paying additional tax if your total super balance is over $2 million on 30 June 2025.
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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For most people, it will be little or no problem to retire at age 65 if they have $2.5 million in savings. If invested prudently, this amount can likely support a lifestyle that satisfies most retirees. For answers to your retirement questions, talk to a financial advisor.
You can contribute up to $30,000 each year. These are contributions you have not paid any personal income tax on. They are called 'concessional contributions' because the concessional rate of tax paid on super is 15%. This is less than the lowest income tax rate of 16% (if you earn more than $18,200 per year).
What's changing? On 1 July 2025, the Super Guarantee rate will increase from 11.5% to 12% of your before-tax earnings.