Happy EOFY

And just like that, we’ve made it through another financial year.

- By Jamie Williamson

If you’re anything like me, your head is likely spinning over how fast this year has flown by; that we're already at the midway point is pure insanity.

But there’s a lot to like about what’s just around the corner, with several positive changes coming in on July 1.

That said, there’s also some changes we'll see that leave a little — or a lot — to be desired.

The first, most positive change is the final increase to the Superannuation Guarantee (SG), legislated in 2021. From July 1, the SG rises to 12%, adding thousands to superannuation balances at retirement; someone earning $100,000 now and who works for the next 30 years will have an extra almost $50,000 in their super when they retire.

And don’t forget, the transfer balance cap is also going up by $100,000 to $2 million.