Super contributions caps to increase 1 July 2024
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April 2024 Newsletter - Super contributions caps to increase
The concessional and non-concessional contributions caps will be increasing effective from 1 July 2024 as follows:
- The concessional contribution cap will increase from $27,500 to $30,000.
- The non-concessional contribution cap will increase from $110,000 to $120,000.
- The maximum non-concessional cap available under the bring-forward provisions will increase from $330,000 to $360,000.
The concessional and non-concessional contribution caps are summarised below:
The total superannuation balance threshold, which is relevant for making non-concessional contributions, remains at $1.9 million during the 2024-25 financial year. The transfer balance cap also remains unchanged at $1.9 million.
If you would like to know more about these changes and how they directly impact you, contact your HK Partners Adviser today on 02 8251 8100.