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Super Facts & Figures

This page contains the superannuation facts and figures you may need to know. It’s your reference point to quickly find relevant tax and Superannuation Guarantee (SG) contribution rates, contribution caps or other tax information relating to your super.

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Important

This page contains general information only. It does not take account of your objectives, financial situation or needs. It does not contain tax or personal advice. You should speak with a licenced financial adviser and/or registered tax professional if you intend to rely on the information on this page. 

  1. Superannuation Guarantee (SG)
  2. Maximum super contribution base
  3. Government co-contribution
  4. Preservation
  5. Concessional (before-tax) contribution caps
  6. Non-concessional (after-tax) contribution caps
  7. Income streams – minimum & maximum annual payments and Transfer balance cap
  8. Tax & Tax File Number
  9. Age Restrictions on contributions
  10. Housing Affordability Measures - Downsizer Contribution and First Home Super Saver Scheme

1. Superannuation Guarantee (SG)

The Superannuation Guarantee (SG) is the compulsory amount your employer must contribute to your super account.

Most employees are covered by SG, however there are some exceptions, for example: If you are under 18, you need to work more than 30 hours per week to qualify for the SG contribution.

For more information on SG exceptions see here.

There is no age limit for employees to be eligible for SG contributions.

If you are eligible for SG, the SG contribution rate is a minimum percentage of your earnings set by the government that your employer must pay into your super. For 2024-25 the rate is 11.5% of your ordinary time earnings (that is, the amount you earn for your ordinary hours of work). The rate will gradually increase to 12% by 1 July 2025. 

2. Maximum super contribution base

The current SG contribution rate is 11.5% of your earnings up to a certain limit. This limit is called the maximum super contribution base. If you earn above that limit for each quarter, your employer does not have to make contributions for the part of your earnings over the limit. The maximum super contribution base is indexed each year in line with average weekly ordinary time earnings (AWOTE).

Financial year Maximum contribution base per quarter (quarterly earnings)
2024-25 $65,070
2023-24 $62,270

For earlier rates, see here.

3. Government co-contribution

You may be eligible for the co-contribution if:

  • you make an eligible non-concessional contribution during the financial year.
  • your total income (which includes reportable employer super contributions and reportable fringe benefits) is less than the higher income threshold for that financial year (see table below).
  • 10% or more of your total income is from eligible employment-related activities, running a business or a combination of both.
  • you are less than 71 years old at the end of the financial year.
  • you do not hold an eligible temporary resident visa at any time during the financial year (unless you are a New Zealand citizen or it was a prescribed visa).
  • you lodge an income tax return for the relevant financial year.
  • your total superannuation balance (which includes super and pension interests) is below $1.9 million at 30 June of the previous financial year.

To qualify you must not have contributed an amount more than your non-concessional contributions cap for the relevant financial year.

The maximum super co-contribution depends on your income. If income is equal to or less than the lower income threshold ($45,400 for the 2024-2025 financial year) you may be eligible for a co-contribution of up to the full 'maximum entitlement'. For every dollar you earn above the lower income threshold, the maximum entitlement is reduced by 3.333 cents. The co-contribution is not payable if the income is at or above the higher income threshold and a minimum payment of $20 applies with payments being rounded to the nearest five cent multiple.

The amount of super co-contribution depends on the amount of non-concessional (after-tax) contributions you put into your super and the 'matching rate' for the financial year in which the contribution was made.

Financial year Matching rate Maximum entitlement Lower income threshold Higher income threshold
2024-25 50% $500 $45,400 $60,400
2023-24 50% $500 $43,445 $58,445
2022-23 50% $500 $42,016 $57,016
2021-22 50% $500 $41,112 $56,112
2020-21 50% $500 $39,837 $54,837

For earlier rates, see here.

4. Preservation rules

You can access your super when you retire or meet certain conditions of release.

Generally, super benefits cannot be accessed (are preserved) until you:

  • reach age 65, or stop working with an employer on or after age 60
  • are 60 years old and receive super benefits as a non-commutable income stream (that is, an income stream that cannot generally be converted to a lump sum after it starts, such as a transition to retirement income stream)
  • become totally and permanently disabled
  • are diagnosed with a terminal illness with a life expectancy of less than 24 months
  • leave or change your employer and your preserved benefit is less than $200
  • are a temporary resident permanently leaving Australia
  • satisfy the relevant Australian regulatory body that your money should be released for compassionate reasons
  • satisfy the conditions for severe financial hardship. 

5. Concessional (before-tax) contribution caps

Concessional contributions are contributions made to your super account from your earnings before tax is deducted. These include the SG contribution, a personal contribution claimed as a tax deduction, any other employer contributions above the SG, and voluntary salary sacrifice contributions. There is a limit on the amount of contributions that will be given a tax concession - this is called the concessional contribution cap. If you have more than one super fund, all concessional contributions made to all your funds in the particular financial year are added together and counted towards the cap.

Financial year General cap
2024-25 $30,000
2023-24 $27,500
2022-23 $27,500
2021-22 $27,500
2020-21 $25,000

For earlier rates, see here.

The concessional contributions cap (the general cap as shown in the table above) is indexed annually in line with average weekly ordinary time earnings (AWOTE). Indexation does not increase the cap in some years as increases are rounded down to the nearest multiple of $2,500.

5.1. Carry-forward concessional contributions

Starting from 1 July 2018, if your total super balance is less than $500,000 on 30 June of the previous financial year, you can contribute more than the usual before-tax contributions cap by using any unused cap amounts from previous years. This is known as a ‘carry forward’ contribution. You can carry forward unused amounts from 1 July 2018, for up to five years. For example, an unused cap amount from 2018-19 must be used by the end of 2023-24, or it will expire.

For more information on carry-forward of unused concessional contributions, see here.

5.2. Excess concessional contribution

If you go over the concessional contribution cap, you will pay extra tax on the excess contributions (at your marginal tax rate, less 15% tax already paid). If you leave the excess concessional contributions in super, the excess amount will be counted as non-concessional contributions. You also have the option of withdrawing the excess amount out of your account. The Australian Taxation Office (ATO) will send you information on your options when a breach of this cap occurs.

For more information about exceeding the concessional contribution cap, see here.

6. Non-concessional (after-tax) contribution caps

Non-concessional contributions (NCC) are generally the after-tax contributions you make to a super fund. They include personal contributions you make from your after-tax pay and spouse contributions. If you have more than one super fund, all non-concessional contributions made to all your funds are added together and counted towards the cap.

Financial year Cap
2024-25 $120,000
2023-24 $110,000
2022-23 $110,000
2021-22 $110,000
2020-21 $100,000

* From July 2017, your non-concessional cap is $0 for a financial year if, at the end of the previous financial year, you have a total superannuation balance greater than or equal to the general transfer balance cap (for 2024-25 this is $1.9 million).

If you are interested in making a larger contribution in a financial year, and you are under age 75 you may be able to ‘bring forward’ the next 2 years’ worth of non-concessional contributions, meaning you use some of your cap for the next 2 years to make a larger contribution in one year. For example, in 2024-25 you could contribute up to $360,000 in that year then no contributions over the next 2 financial years without exceeding the cap. Therefore, the cap for the bring forward option is calculated by multiplying the non-concessional cap of the first year by three (Age and balance restrictions apply for contributions, see ‘9. Age Restrictions on contributions’ below for more information).

From 1 July 2017 the bring-forward amount and period is dependent on your total superannuation balance on the day before the financial year contributions that trigger the bring-forward. For 2024-25 financial year this is: 

Total superannuation balance on 30 June 2024 Bring-forward amount for the first year Bring forward period

Less than $1.66 million

 $360,000 3 years

$1.66 million to less than $1.78 million

 $240,000 2 years

$1.78 million to less than $1.9 million

 $120,000 No bring-forward period, general non-concessional contributions cap applies
$1.9 million or more Nil Not applicable

For earlier rates and additional information, see here.

6.1. Excess non-concessional contribution

You have two options if you exceed your non-concessional contributions cap.

1. You can choose to release excess non-concessional super contributions and 85% of associated earnings. If you elect to release, the full earnings amount will be taxed at your marginal tax rate (including Medicare levy) however a 15% tax offset will be available to recognise the tax on earnings paid while it was part of your super.

An associated earnings amount is calculated to approximate the amount you earned from the excess non-concessional contributions while they were held in your super fund. The rates used to calculate this amount each financial year are shown in the below table:

Income Year Annual rate Associated earnings rate / Daily rate
2023–24 11.19% 0.03057377‬%
2022-23 9.46%

0.02591781%
2021-22 7.04%

0.01928767%
2020-21 7.06% 0.01934247%
2019-20 8.08% 0.02207650%

Source: Australian Tax Office (ATO).
For earlier rates, see here.

2. Alternatively, you can choose not to release the excess amount and associated earnings from your super. Your excess non-concessional contributions will then be subject to excess non-concessional contributions tax at the rate of 47% (tax will need to be paid out of super).

A valid election must be made within 60 days of the excess non-concessional contributions determination from the ATO.

For more information about exceeding the non-concessional contribution cap, see here.

6.2. Re-contribution of COVID early release superannuation amounts

From 1 July 2021, individuals who accessed their superannuation under COVID-19 early release will be able to re-contribute up to the amount they received without the contributions counting toward their non-concessional cap. These contributions:

  • can be made between 1 July 2021 and 30 June 2030
  • cannot exceed the amount accessed under COVID-19 early release
  • cannot be claimed as a personal superannuation deduction.

Individuals choosing to re-contribute must notify their fund in an approved form (before or at the time of making the re-contribution).

For the latest information visit the ATO website here.

7. Income streams – minimum & maximum annual payments and Transfer balance cap


7.1. Minimum annual payments

Once a pension commences, a minimum amount is required to be paid each financial year.

The minimum pension payment rates for an account-based pension or a transition to retirement income stream are shown in the table below.

Age Default minimum drawdown rates (%)
Under 65 4%
65-74 5%
75-79 6%
80-84 7%
85-89 9%
90-94 11%
95 or more 14%

For more information see here.

7.2. Maximum annual payments

For account based pensions, there is no maximum amount other than the balance of your pension account.

For a transition to retirement income stream, the maximum annual amount that can be paid is 10% of the account balance at the start of the financial year or the start of the income stream.

7.3. Transfer balance cap

From 1 July 2017 the government prescribes a maximum amount that can be transferred into retirement phase, which includes products such as account based pensions and annuities. The transfer balance cap applies to the total amount transferred from super into retirement phase, regardless of how many accounts an individual holds. The general transfer balance cap is currently $1.9 million (2024-25) and will be periodically indexed with CPI in $100,000 increments. Any individual already in retirement phase will need to ensure adherence to this cap (those who have started a retirement phase income stream before 1 July 2023 will have a personal transfer balance cap of between $1.6 million and $1.9 million).

Year General Transfer Balance Cap
2024-25 $1,900,000
2023-24 $1,900,000
2022-23 $1,700,000
2021-22 $1,700,000
2020-21 $1,600,000
Year 2024-25
General Transfer Balance Cap $1,900,000
Year 2023-24
General Transfer Balance Cap $1,900,000
Year 2022-23
General Transfer Balance Cap $1,700,000
Year 2021-22
General Transfer Balance Cap $1,700,000
Year 2020-21
General Transfer Balance Cap $1,600,000

This cap only applies to monies held in retirement phase. You can find more information here.

You can read about the indexation of the general transfer balance cap from 1 July 2024, here.

8. Tax & Tax File Number

8.1. Tax on super

The government provides a range of tax concessions and incentives to complying super funds such as Rest.

Super can be subject to tax on:

  • contributions (when contributions are made into your super account)
  • earnings (on the investments in super)
  • withdrawals.

8.2. Tax on contributions

Concessional (before-tax) contributions are taxed in the fund at a concessional tax rate of 15%.

Those with an income (including super contributions) of more than $250,000 per annum will be subject to additional tax on contributions into super. In effect, the contributions tax paid on contributions will effectively rise from 15% to 30% on some or all super contributions. This is called Division 293 tax.

For more information, please visit the ATO website.

Any concessional contributions above the concessional contribution cap will be subject to additional tax.

A notice of excess concessional contributions determination will be provided by the ATO, requiring you to pay the additional tax. You will have the option of either making a withdrawal from your super account to meet this payment, or paying it directly to the ATO.

For 2024-25, those with adjusted taxable income under $37,000 will receive a low income superannuation tax offset (LISTO). The LISTO payment is equal to 15% of total concessional (before-tax) contributions for a financial year, capped at $500 per year.

For more information about LISTO, please visit here.

Non-concessional (after-tax) contributions are generally not taxed in the fund. However, any non-concessional contributions above the non-concessional cap which are left in super, will be taxed at the rate of 47%. However as discussed above (6.1) you can elect to withdraw the excess contribution amount from your super account to avoid paying the excess contribution tax.

8.3. Tax on earnings

Investment earnings from your super fund are taxed at a rate of up to 15%. This tax is reflected in the unit price for each investment option.

Investment earnings from your ‘retirement phase’ pension fund are tax free (up to your transfer balance cap). If you exceed your personal transfer balance cap amount you will have an excess transfer balance. If this occurs, you will need to commute the excess transfer balance and will be subject to excess transfer balance tax. The transfer balance tax payable is 15% for the first time you exceed the cap, and 30% for subsequent times and is due and payable 21 days after the assessment is issued to you.

Transition to Retirement income streams are not considered to be in ‘retirement phase’ and as such a tax rate of 15% will apply until it is in the retirement phase (e.g, when you reach the preservation age of 60 and declare retirement or turn age 65).

8.4. Tax on withdrawals

Super can only be withdrawn in specific circumstances. Generally, if you withdraw any part of your super benefit after age 60, no tax is payable.

Prior to age 60 some tax may be payable and will be deducted from your super benefit by the fund. The tax deducted depends on the components within your account. Superannuation accounts are divided into two components for tax purposes, a tax-free component and a taxable component. The tax-free component will always be tax-free, the taxable component may attract tax depending upon your age.

The tables below show how tax is applied to different types of withdrawals.

Tax on lump sum superannuation payments

Age at date of payment or type of payment Tax free component Taxable Component#
Less than $200 Tax free Tax free
Age 60 and over Tax free Tax free
From preservation age to 60 Tax free • Tax free - up to the low rate cap amount
• Taxed at 15% plus Medicare Levy
   - over the low rate cap amount
  (see table below for this figure)
Under preservation age Tax free Taxed at 20% plus Medicare Levy
Terminally ill Tax-free Tax-free
Death Benefits – paid to a beneficiary who is a dependant for tax purposes Tax free Tax free
Death Benefits – paid to a beneficiary who is a non-dependant for tax purposes Tax free Taxed at 15% plus Medicare Levy*

NB – if you are receiving a payment due to Total and Permanent Disability the above age based tax rates apply, however the fund will complete a calculation to increase your tax-free component.*

Death benefits may include an untaxed component, which is taxed at 30% plus Medicare Levy when paid to a non-dependant for tax purposes.

Tax on account based and transition to retirement income payments

Age at date of payment or type of payment Tax free component Taxable Component#
Pension payments    
Age 60 and over (NB for 2023-24, if you have a defined benefit income stream with income payments above $118,750 p.a. the taxable component will be taxed) Tax free Tax free
From preservation age and under age 60 Tax free Taxed at your marginal tax rate less 15% tax offset
Under preservation age and totally and permanently disabled Tax free Taxed at your marginal tax rate (if the pension payment is a disability income stream, you may be entitled to a 15% tax offset)
Pension benefits upon death if paid as a pension to your beneficiary    
Either you or the recipient are aged 60 or over when you die Tax free Tax free
Both you and the recipient are aged under 60 when you die Tax free Taxed at the recipients’ marginal tax rates less 15% tax offset

Notes:

Additional tax may be payable on any untaxed element of your Rest account or if you have not provided us with your TFN.

The Medicare Levy for the financial year 2024-2025 is 2%.

Please refer to the ATO website for more information on how the different components of superannuation benefits are taxed.

Departing Australia superannuation payment (DASP)

Component DASP tax rate before 2014-15 financial year DASP Tax rate 2014-15, 2015-16 and 2016-17 financial years DASP tax rate 2017-18 and beyond
Tax free component Nil Nil Nil
Taxed element of the taxable component 35% 38%* 35%
Untaxed element of the taxable component 45% 47%** 45%
Untaxed and taxed elements for working holiday makers (Visa 417 or 462) n/a n/a 65%

*Includes 3% Budget repair levy
**Includes 2% Budget repair levy

8.5. Low rate cap amount

The low rate cap is a limit set on super lump sums that can receive concessional tax treatment, and applies to members who have reached preservation age but are under age 60. The low rate cap amount is reduced by any amount previously applied to the low rate threshold.

Financial year Amount of cap
2024-25 $245,000
2023-24 $235,000
2022-23 $230,000
2021-22 $225,000
2020-21 $215,000

The above caps are indexed in line with Average Weekly Ordinary Time Earnings (AWOTE), in increments of $5,000 (rounded down).

For more information on the low rate cap, see here.

8.6. Untaxed plan cap amount

The untaxed plan cap amount limits the concessional tax treatment of benefits that have not been subject to contributions tax in a super fund (untaxed elements). The untaxed plan cap amount applies to each super plan from which you receive super lump sum member benefits.

Financial year Amount of cap
2024-25 $1,780,000
2023-24 $1,705,000
2022-23 $1,650,000
2021-22 $1,615,000
2020-21 $1,565,000

The above caps are indexed in line with Average Weekly Ordinary Time Earnings (AWOTE), in increments of $5,000 (rounded down).

8.7. Tax File Number (TFN)

Before providing your TFN to us, you (member or beneficiary) need to know that:

Under the Superannuation Industry (Supervision) Act 1993, your superannuation fund is authorised to collect, use and disclose your tax file number. The trustee of your superannuation fund may disclose your tax file number to another superannuation provider, when your benefits are being transferred, unless you request the trustee of your superannuation fund in writing that your tax file number not be disclosed to any other superannuation provider.

Declining to quote your tax file number to the trustee of your superannuation fund is not an offence. However, giving your tax file number to your superannuation fund will have the following advantages:

  • your superannuation fund will be able to accept all permitted types of contributions to your account/s;
  • other than the tax that may ordinarily apply, you will not pay more tax than you need to - this affects both contributions to your superannuation and benefit payments when you start drawing down your superannuation benefits; and
  • it will make it much easier to find different superannuation accounts in your name so that you receive all your superannuation benefits when you retire.

If you don’t give us your TFN, your concessional contributions will be taxed at 45% plus Medicare levy of 2%. It also means that we can’t accept non-concessional contributions.

9. Age Restrictions on contributions

Age based restrictions apply for contributions, for example from age 67 you must meet the work test to claim a deduction for personal contributions. From age 75, your fund can only accept mandated contributions such as super guarantee contributions. The table below provides an overview of age restrictions for some contribution types:

Type Under 18 Under 67 Over 67 but under 75^ 75 and over
Super Guarantee contributions

Yes (not compulsory if working less than 30 hours per week)

 Yes Yes Yes
Voluntary employer contributions Yes Yes Yes No
Non-concessional contributions Yes Yes Yes No
Personal deductible contribution Yes Yes Subject to work test  
Spouse contributions N/A Yes Yes No
Government Co-contributions Yes Yes Yes, if under age 71 at the end of financial year# No

^ Includes on or before 28 days after the end of the month in which the member turns 75 years old.
# To be eligible for the Government co-contribution, you will need to be aged under 71 at the end of the financial year.

9.1. Work Test

From 1 July 2022 individuals under age 75 will be able to make or receive personal contributions and salary sacrifice contributions without meeting the work test.

Individuals aged 67-74 must still meet the work test to claim a deduction for personal contributions.

To meet the work test requirements a person must be gainfully employed (i.e. employed or self-employed for gain or reward) for at least 40 hours within 30 consecutive days in the financial year the contributions are made. If you fail the work test, you may be eligible for the work test exemption, which is only available once. To be eligible you must have met the work test in the previous financial year and have a total superannuation balance below $300,000 at the end of the previous financial year.

10. Housing Affordability Measures - Downsizer Contribution and First Home Super Saver Scheme

10.1. Downsizer Contribution

You may be able to make a downsizer contribution if you sell your home and are aged 55 or over.

The downsizer contribution can only be made from the sale of one home, subject to a cap which is the lesser of $300,000 or total sale proceeds (couples may be able to contribute up to $600,000 combined).

There are conditions you must meet to make a downsizer contribution, some include:

  • you must have owned the home for 10 years or more prior to the sale
  • the home must qualify for the CGT main residence exemption (in part or whole)
  • you must be over age 55 at the time of contribution (the work test does not apply for the downsizer contribution).
  • the contribution must generally be made within 90 days of receiving the proceeds of sale, which is usually the date of settlement.

For more information visit the ATO website here.

Or read our fact sheet here.

10.2. First Home Super Saver Scheme (information current as at 15 September 2024)

From 1 July 2017, the First Home Super Saver Scheme (FHSSS) has allowed individuals to make voluntary concessional and non-concessional contributions into super and have them released to help pay for their first home. People saving for their first home can make the following voluntary contributions under the FHSSS:

  • Pre-tax contributions also known as concessional contributions, including salary sacrifice or personal deductible contributions.
  • Personal after-tax contributions also known as non-concessional contributions.

Contributions that can be released under the scheme are limited to $15,000 in any one financial year and $50,000 across all years. Importantly, you won’t be able to withdraw:

  • contributions made before 1 July 2017
  • Superannuation Guarantee contributions made by your employer
  • under an award or enterprise agreement
  • spouse contributions
  • government contributions such as co-contributions
  • contributions above government caps
  • defined benefit contributions.
You can only use the First Home Super Saver Scheme if you are:
  • 18 years old or older when requesting a First Home Super Saver determination
  • are named on the title of the property you buy
  • haven’t previously owned property in Australia (unless financial hardship rules apply)
  • haven’t previously received a release of your super savings under the scheme.

You can request a FHSSS determination from the ATO to find out the maximum amount you can withdraw under the scheme and when you are ready, you can apply to release your funds through a release request.

For information on eligibility, determinations and release requests see the ATO website.

You can withdraw up to:

Component Tax Treatment  
100% of eligible after-tax contributions released to you tax free  
85% of eligible before tax contributions taxed at your marginal tax rate, less a 30% First Home Super Saver tax offset. The ATO will withhold tax on the released amount – this will be at 17% if the ATO is unable to estimate your expected marginal tax rate.  
Associated earnings (deemed) taxed at your marginal tax rate, less a 30% First Home Super Saver tax offset. The ATO will withhold tax on the released amount – this will be at 17% if the ATO is unable to estimate your expected marginal tax rate.  

Once you’ve received your released amount, you must:

  • enter into a contract to buy or build your first home no earlier than 90 days before, and within 12 months after you made a valid withdrawal request. Extensions may apply.
  • notify the ATO within 90 days about your purchase after entering the contract.
  • move into your new home as soon as practicable and live in it for at least 6 of the first 12 months.

If you don’t end up buying a home, there are a few things you can do, including:

  • recontribute the money to your super as an after-tax contribution and notify the ATO. The total amount must be at least equal to the assessable FHSSS released amount less any amounts that were withheld by the ATO; or
  • keep the released amount and pay the First Home Super Saver Tax which is equal to 20% of your assessable FHSSS released amounts.

If the FHSSS amount hasn't been paid to you yet, there are limited situations where you can amend or revoke a First Home Super Saver determination and release request.

For more information see our 'Super and saving for your first home' fact sheet.