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We are committed to:
- maintaining a strong, coordinated consultation framework across the super industry
- giving industry confidence, clarity and certainty on key dates, approaches and requirements.
Download Changes impacting the super industry – May 2024 (PDF, 95.9KB)This link will download a file.
This information details changes to information technology that affect the super industry to the end of May 2025. It will be updated every quarter or after major changes or announcements.
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Deployment timelines
Better targeted super concessions
Note: This is pending legislation.
From the 2025–26 financial year, individuals with a total super balance exceeding $3 million at the end of the financial year will pay up to 15% additional tax on the earnings attributed to the balance over the threshold.
ATO deployment
- May 2023 to July 2026 – We will design and build functionality to
- administer the reduction of tax concessions available to individuals whose total super balances exceed $3 million at the end of the financial year
- enable additional fund reporting.
Industry impact
- July 2025 – Super funds start reporting additional data to the ATO to enable assessment of a taxpayer's potential liability.
Payday super
Note: This is pending legislation.
From 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. The start date will provide employers, super funds, payroll providers and other parts of the superannuation system with sufficient time to prepare for the change. This measure is not yet law.
ATO deployment
- May 2023 to June 2024 – We will consult with industry on the design of these changes, with the final design to be considered as part of the 2024–25 Budget.
- July 2024 to June 2026 – We will design and build functions to support the final design.
Industry impact
- May 2023 to June 2024 – Digital Service Providers (DSPs), super funds, clearing houses and gateways need to consider the impact of increased super guarantee (SG) payment frequency and system updates that may be required.
- July 2024 to June 2026 – DSPs, super funds, clearing houses and gateways to build system updates required to enable compliance with new rules.
- July 2026 – Employers begin paying super at the same time as salary and wages.
SG rate rise
ATO deployment
- 1 July 2024 – The SG rate will increase to 11.5%.
Employer impact
- Employers must apply the 11.5% rate when determining the amount of SG to pay employees from 1 July 2024.
Access to Offenders’ Superannuation for victims and survivors of child sexual abuse
Note: This is pending legislation.
The government will close a loophole allowing convicted child sexual abusers to deny their victims and survivors compensation through shielding their assets in super.
Those with unpaid compensation orders of 12 months or more can seek information through the ATO about the convicted offender's personal or additional super.
Victims and survivors can seek an order from the Federal Circuit and Family Court of Australia to access these additional super contributions This will only apply to identifiable additional super contributions starting from 2002–03.
Reforming treatment of the Transfer Balance Cap for Successor Fund Transfers
Note: This is pending legislation.
Individuals with a capped defined benefit income stream won't be adversely impacted in the event of a successor fund transfer between super funds.
This measure is intended to be retrospectively applied from 1 July 2017.
Super on Government-funded Parental Leave Pay (PLP)
Note: This is pending legislation.
Government-funded Parental Leave Payments for children born or adopted on or after 1 July 2025.
The government will pay super on the government-funded Paid Parental Leave (PPL) from 1 July 2025 it. This will be administered by the ATO.
Superannuation Portability with Cook Islands
Note: This is pending legislation.
This allows portability of retirement savings between an Australian complying Superannuation fund and the Cook Islands National Super Fund. To start 1 July 2025
Non-arm’s Length Expenses Rule for Super Funds
Note: This is pending legislation.
The non-arm's length expense (NALE) provisions which apply to expenditure incurred by super funds will be amended.
The Bill was introduced on 13 September 2023 and will:
- limit the NALE arising from a general non-arm's length expense for SMSF funds and small APRA funds to twice the level of a general expense.
- exempt large APRA regulated funds from the NALE provisions for both general and specific expenses of the fund
- exempt expenditure that occurred prior to the 2018–19 income year
- apply from 1 July 2018.
First Home Super Saver Scheme – technical changes
The changes will improve the experience for first home buyers accessing the scheme and allow greater flexibility by:
- increasing the discretion of the Commissioner of Taxation to amend and revoke FHSS scheme requests
- allowing individuals to withdraw or amend their requests prior to receiving a FHSS scheme amount
- allowing those who withdraw their request to re-apply for FHSS scheme releases in the future
- confirming the Commissioner can return the released FHSS scheme amounts to super funds, provided the money has not yet been released to the individual
- clarifying the money returned to super funds is treated as funds’ non-assessable non-exempt income and does not count towards the individual’s contribution caps.
The changes will come into effect from 15 September 2024, with some of the changes having retrospective application from 1 July 2018
Change control deliverables
Superannuation Portability with Cook Islands:
- May 2024 - Added as announced in MYEFO 2023–24
Super Payments on Paid Parental Leave:
- May 2024 - Added as announced in May 2024 Federal Budget
Access to Offender’s Super for victims and survivors of sexual abuse:
- May 2024 - Added as announced in MYEFO 2023–24
Reforming treatment of the Transfer Balance Cap for Successor Fund Transfers:
- May 2024 - Added as announced in MYEFO 2023–24
First Home Super Saver Scheme -Technical Changes:
- May 2024 - Added as project has restarted
Better Targeted Super Concessions:
- May 2024 updated to include:
- External consultation
- Total Super Balance (TSB) definition change
Payday Super:
- May 2024 - No updates
Non-arm’s Length Expense Rules for Super funds:
- May 2024 - No updates
Super Guarantee – Rate Increase:
- May 2024 - Updated to reflect 2024–25 increase
Better Targeted Super Concessions:
- May 2023 - Added as announced in the May 2023 Federal Budget
Payday Super:
- May 2023 - Added as announced in the May 2023 Federal Budget
Your Future, Your Super:
- May 2023 - Removed as project delivery is complete
Downsizer Contributions:
- May 2023 - Removed as project delivery is complete
Note: Change control is limited to the past 12 months.
Downsizer contributions:
- March 2023 – Removed as project delivery is complete.