New Superannuation Contribution Caps from 1 July 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:

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.