All Australian workers should see a small change on their payroll advices from the start of the new financial year, with a modest increase to their Superannuation Guarantee.

The change means the minimum contribution that employers are required to make to their employees’ superannuation funds will rise from 11.5 per cent to 12 per cent from July 1.

The small increase may not seem important at this time, but could make a substantial difference to retirement savings in the long run, CPA Australia’s Superannuation Lead, Richard Webb, explained.

“For a young person on $60,000 a year, the increase translates to an extra $300 in their super account every 12 months,” Mr Webb said.

"But depending on investments and fees, the cumulative effect of that increase could ultimately be worth thousands by the time they retire,” he added.

While the increase in the Superannuation Guarantee will have a positive long-term benefit to retirement savings, Mr Webb reminded workers to check if their employer is making the extra contribution, or whether it comes out of their total remuneration package.

“If your employment contract includes a total remuneration package including super, this could mean less take-home pay at the end of the month,” he said.

“However, for those on award or enterprise agreements, your pay agreement is more likely to be a salary, which means the change will not affect your take-home pay."

July 1 also marks the date when superannuation payments will now be included in the government’s Parental Leave Pay scheme.

Mr Webb says now is the time for Aussies to take charge of their savings and ensure they are on track for a comfortable retirement.

“There are no more legislated increases to the Superannuation Guarantee, so it’s up to individuals to take control of their super and make sure they are getting the most from their money,” he said.

“This includes making sure the investment and insurance options within the fund are appropriate.”

Next month's increase in the Superannuation Guarantee marks the end of a long, drawn-out process of incremental increases to the minimum super contribution requirement from 9 per cent to 12 per cent after it was legislated back in 2012.

“It’s good to have finally reached the point where Australians will receive this much-needed increase in minimum superannuation contributions – but it should not have taken this long,” Mr Webb concluded.