On 1 July 2024, the superannuation guarantee rate is set to increase from 11% to 11.5%. In accordance with the Superannuation Act 1916 (NSW), the superannuation guarantee rate will increase and remain at 12% after 1 July 2025.

(N.B. Superannuation guarantee rate increases use the fiscal year of 1 July to 30 June rather than the calendar year of 1 January – 31 December)

What is a superannuation guarantee?

Superannuation guarantees are contributions made by an employer to an employee’s superannuation fund, a fund which supports an employee’s retirement. This fund slowly accumulates with each pay packet and is accessible when you reach your ‘preservation age’ and retire.

Below is a list of when you can access your super fund entitlement:

Your date of birth

Age you can access your super (preservation age)

Before 1 July 1960


1 July 1960 — 30 June 1961


1 July 1961 — 30 June 1962


1 July 1962 — 30 June 1963


1 July 1963 — 30 June 1964


After 1 July 1964



The meaning of ‘retired’ also depends on your age and working status:

  • Under 60 – You must have finished working and have no intention of working again to access your super.
  • 60 to 64 – You can access your super when you leave or stop working for an employer.
  • 65 – Even if you are still working you can access your super.

How is superannuation guarantee calculated?

Superannuation guarantee is calculated by multiplying your ordinary time earnings (gross salary and wages) by the current superannuation guarantee rate.

If you wish to access your super prior to your ‘preservation age’, you can check your eligibility on the Australian Taxation Office website.

Which employees are eligible for super contributions?

Employees who are eligible for super contributions are:

  • Employees 18 years old and over.
  • Employees under 18 years old, who work more than 30 hours per week.

(N.B. For super payments prior to 1 July 2022, employees must have earned $450 or more in a month to be eligible).

What does this mean for employers?

Employers must make superannuation guarantee contributions by the quarterly due dates (28 days after the end of each quarter). It is important to note that some funds require contributions to be made monthly. The quarterly due dates are listed below:


Period start

Due date


1 July

30 September


1 October

31 December


1 January

31 March


1 April

30 June


SuperStream is the electronic method that all employers must use when paying employee superannuation guarantee contributions to super funds. Employers must meet the SuperStream requirements to ensure their employee data and super payments are electronically linked.

How can employers prepare for superannuation guarantee rate increases?

It is important to check that your payroll provider has updated the guarantee rates at the correct time (1 July).

Employers should also review their employees’ contracts to check which remuneration structures they have.

  1. Inclusive structure: An employee with an inclusive remuneration package will include superannuation contribution payments. This means employees may have their pay reduced to accommodate for contribution increases.This reduction cannot place the employee below the minimum statutory or award entitlements and must comply with their contract terms. An employer may decide to increase an employee’s inclusive remuneration package in order to safeguard their pay.
  2. Non-inclusive structure: If an employee is paid superannuation guarantee contributions on top of their pay, employers will need to notify employees of rate increases and budget for the upcoming change.

Contact Us

If you require advice on superannuation contribution rate increases, it is crucial that you speak with an authorised financial advisor.

If you would like your employment contract reviewed or believe you are entitled to a higher super contribution, please contact Etheringtons Solicitors on (02) 9963 9800 or via our online contact form.