From 1 July 2024, the compulsory super you receive from your employer is set to increase from 11% to 11.5% of your ordinary earnings. This change happens automatically, but make sure you’re getting the right amount by checking your account online or via the Cbus Super app.
If there is an issue and you’re not receiving your super or the increase, talk to your employer. At Cbus, we require registered employers to make monthly contribution payments. Other employers may pay super quarterly. This could be the reason why your super hasn’t been paid.
As well as the increase in compulsory super, the Government is delivering income tax cuts for all 13.6 million Australian taxpayers from 1 July 2024 so it could be worth considering making an additional contribution to your super. From 1 July this year, the contribution caps are increasing for the 2024/25 financial year: $30,000 before-tax contributions and $120,000 for after tax contributions.
Get advice
Tax rules are complex and can vary based on your personal circumstances, so it’s important you’re familiar with the rules that apply. Speak to your accountant if you’re unsure or call our Advice Services team on 1300 361 784 to get a better understanding of your options, so your super can work as hard as you do.
This information is about Cbus Super. It doesn’t account for your specific needs. Please consider your financial position, objectives and requirements before making financial decisions. Read the relevant Product Disclosure Statement (PDS) and Target Market Determination to decide if Cbus Super is right for you. Call 1300 361 784 or visit cbussuper.com.au.
United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 (Cbus and/or Cbus Super).