The changes to the caps were expected and alongside the stage three tax cuts applying from 1 July 2024, and it will mean some SMSFs may have additional disposable income to contribute more to super.
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.
The general transfer balance cap will remain at $1.9m on 1 July 2024 (the December quarter CPI figure wasn’t high enough to increase the cap to $2m).