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Government announces contribution cap changes

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By Keeli Cambourne
February 22 2024
1 minute read
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The government has announced an increase in the standard concessional and non-concessional contribution caps.

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.

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Comments (1)

  • avatar

    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).
    0
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