Superannuation Guarantee rates
The Superannuation Guarantee (SG) is the minimum percentage of your salary your employer must contribute to your super. Rates are legislated to rise to 12% by 2025–26:
| Financial Year | SG Rate |
|---|---|
| 2023–24 | 11.0% |
| 2024–25 | 11.5% |
| 2025–26 onwards | 12.0% |
Tips to grow your super faster
- ✓Salary sacrifice — contributions from pre-tax income are taxed at 15% inside super (vs your marginal rate).
- ✓After-tax contributions — you can contribute up to $110k/year from after-tax money (non-concessional cap).
- ✓Consolidate funds — multiple super accounts mean multiple fee structures eating into your balance.
- ✓Check your investment option — younger Australians can often tolerate more growth assets for higher long-term returns.
- ✓Government co-contribution — if you earn under $58,445, the government may match after-tax contributions by up to $500.
Frequently Asked Questions
What is the superannuation guarantee rate for 2024–25? +
The SG rate is 11.5% for 2024–25. Your employer must contribute at least this percentage of your ordinary time earnings to your nominated super fund. From 1 July 2025, it rises to the final 12% rate.
How much super should I have at my age? +
Rough ASFA benchmarks: ~$46k at 30, ~$121k at 40, ~$247k at 50, ~$402k at 60. These are averages across all Australians — your target depends on your expected retirement lifestyle, home ownership, and how much Age Pension support you'll receive.
How much super do I need to retire comfortably? +
ASFA's 2024 Retirement Standard estimates roughly $690,000 for a comfortable single retirement (assuming partial Age Pension and home ownership). For a couple it's also around $690,000 combined. A 'modest' lifestyle costs significantly less.
What is salary sacrificing into super? +
Salary sacrifice is an arrangement where you redirect part of your pre-tax salary directly into super. These concessional contributions are taxed at 15% inside super — much less than most people's marginal tax rate. The annual concessional cap is $30,000 (2024–25), including your employer SG contributions.
Can I access my super before retirement? +
Super is generally preserved until you reach your preservation age (60 for most born after 1 July 1964) and retire. Limited early release applies for severe financial hardship, terminal medical condition, compassionate grounds, and first home purchase (under the First Home Super Saver scheme). Illegal early access carries serious ATO penalties.
Disclaimer: This calculator provides estimates for general information purposes only and does not constitute financial advice. Results assume a constant salary, constant investment return, and do not account for super taxes (15% on earnings inside super), inflation, insurance fees, administration fees, or changes in legislation. Always consult a licensed financial adviser for personalised superannuation advice.