Superannuation CONTRIBUTION CAP CHANGES

There will be an increase in the standard concessional and non-concessional contribution caps from 1 July 2024.

From 1 July 2024, the standard concessional contribution cap will increase from $27,500 to $30,000 and the non-concessional contribution cap which is expressed as four times the standard concessional contribution cap will also increase from $110,000 to $120,000.

This also means that the maximum available, under the non-concessional contribution bring-forward provisions, will increase from $330,000 to $360,000.

Additionally, from 1 July 2024, the Total Superannuation Balance thresholds used to determine the maximum amount of bring-forward non-concessional contributions available to an individual will also be adjusted.

Article posted 29/02/2024