Upcoming & Recent Changes

Super Guarantee

The mandatory Superannuation % has increased to 12.0% from 1 July 2025 

Payments to Superannuation

From 1 July 2025 Concessional contributions are capped at $30,000

From 1 July 2025 Non-Concessional contributions are capped at $120,000

Depending on age and super balance you may be able to contribute higher amounts. Contact our office for further information.

Accumulation of Superannuation

The Transfer Balance Cap has increased to $2.0 Million from 1 July 2025. The Transfer Balance Cap is the maximum amount that can be transferred to retirement phase. 

$3 Million Super Cap (Division 296)

Although not yet legislated, it is expected that earnings for individuals with superannuation balances over $3 Million will be subject to an additional 15% tax on earnings proportional to the amounts held over $3 Million.

The balance applies to both public funds and SMSFs. It is based on your total super balances as at 30 June 2026.

If you believe that you may be effected by this legislation, do not hesitate to contact our office to review your circumstances and provide any recommendations.

$1,000 instant tax deduction

The instant $1,000 deduction for work related expenses is not yet law.

It is expected to form part of the 2027 income tax return if passed.

It is recommended to continue to keep records of all work related expenses.