Payday Super starts

From 1 July 2026, employers must pay superannuation contributions at the same time as salary or wages. Super funds must receive these contributions no later than seven business days after payday, and funds then have up to three business days to allocate the contributions to members' accounts.

Higher taxes on super balances over $3 million (Division 296)

From 1 July 2026, total superannuation balances exceeding $3 million will attract an additional 15% tax on investment earnings related to the portion of the balance above this threshold (resulting in a 30% tax on those earnings).

For balances exceeding $10 million, an additional 10% tax will apply to investment earnings on the portion above $10 million, in addition to the 15% tax (bringing the tax rate to 40% on those earnings).

This tax is calculated annually, is payable personally, and applies to superannuation earnings including rent, interest, distributions (from trusts), dividends (including franking credits), and realised capital gains. It will not apply to growth in the fund’s investments that haven’t been sold yet (unrealised capital gains).

Contribution caps have increased

• Concessional (before-tax) contributions cap: increases to $32,500
• Non-concessional (after-tax) contributions cap: increases to $130,000

For individuals with a total super balance exceeding $2.1 million, the non-concessional contributions cap will be reduced to $0, and the bring-forward rule will no longer apply.

Transfer Balance Cap

This cap limits the maximum amount of super that can be transferred from an accumulation account into the tax-free retirement phase.

For clients who start a pension for the first time on or after 1 July 2026 
The personal transfer balance cap will be $2.1 million.

For clients who already have a retirement‑phase pension 
The increase may apply proportionally, based on how much of their cap has already been used: 

• If only part of the cap has been used, clients may receive a partial increase. 
• If client have fully used their cap, they will not receive an increase. 

If a person exceeds their transfer balance cap, the ATO will require the excess to be withdrawn or returned to their accumulation account, and they will incur an excess transfer balance tax.

SG remains unchanged

The Superannuation Guarantee (SG) rate remains at 12%.

Staying informed about the latest changes will help you guide your clients and ensure they remain on track to achieve their retirement goals.

This material is issued by Allianz Australia Life Insurance Limited, ABN 27 076 033 782, AFSL 296559 (Allianz Retire+). Allianz Retire+ is a registered business name of Allianz Australia Life Insurance Limited. This information is current as at June 2026 unless otherwise specified and is for general information purposes only. This information has been prepared specifically for authorised financial advisers in Australia and is not intended for retail investors. It does not take account of any person’s objectives, financial situation or needs. Before acting on anything contained in this material, you should consider the appropriateness of the information received, having regard to your objectives, financial situation and needs. The returns on the Allianz Guaranteed Income for Life (AGILE) product are subject to a number of variables including investor elections, market performance and other external factors, and may differ from the information contained herein. Past performance is not a reliable indicator of future performance.  No person should rely on the content of this material or act on the basis of anything stated in this material. Allianz Retire+ and its related entities, agents or employees do not accept any liability for any loss arising whether directly or indirectly from any use of this material. Use of the word ‘guarantee’ in this material refers to an assurance that certain conditions or contractual promises will be fulfilled by Allianz Retire+ from the available assets of its Statutory Fund No 2, in relation to the product terms. This includes ‘guaranteed’ income payments in the Lifetime Income Phase which will be paid from the available assets of Statutory Fund No 2, noting that Allianz Retire+ may terminate the product in certain limited circumstances as outlined in the Product Disclosure Statement referred below. Allianz Australia Life Insurance Limited is the issuer of Allianz Guaranteed Income for Life (AGILE). Prior to making an investment decision, investors should consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) which are available on our website (www.allianzretireplus.com.au).