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SMSF Updates

New Superannuation Contribution Caps from 1 July 2024

13 Mar, 2024

The caps for concessional and non-concessional contributions are set to increase starting July 1, 2024, as outlined below:

  • The cap for concessional contributions will rise from $27,500 to $30,000.
  • Non-concessional contributions will see an increase from $110,000 to $120,000.
  • The maximum non-concessional cap available under the bring-forward rules will increase from $330,000 to $360,000.

Here’s a summary of the contribution caps:

Contribution Caps 2023-2024 2024-2025
Concessional Contributions Cap $27,500 $30,000
Non-Concessional Contributions Cap $110,000 $120,000
Bring forward $330,000 over 3 years $360,000 over 3 years

The total superannuation balance threshold for making non-concessional contributions will remain at $1.9 million for the 2024-25 financial year. Similarly, the transfer balance cap will stay unchanged at $1.9 million.

Should you have any questions please feel free to contact us.

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