On the 22 February, the Government announced changes to the super contribution caps that will come into effect from 1 July 2024. These updates are designed to provide you with greater flexibility and opportunities to maximize your superannuation contributions.
Here’s what you need to know, starting from 1 July 2024:
Concessional Contributions:
The concessional contribution cap will be raised from $27,500 to $30,000.
Non-Concessional Contributions:
The non-concessional contribution cap, which is calculated at 4 times the concessional cap, will increase from $110,000 to $120,000. For those utilising the bring forward rules, the caps will be adjusted to $240,000 and $360,000 respectively.
General Transfer Balance Cap:
The General Transfer Balance Cap, representing the total amount of super that can be transferred into retirement phase, will remain at $1.9 million, based on inflation adjustments.
Furthermore, members who are currently in the middle of a bring forward period will not step up to the new limits until that period is over.
If you have any questions or require further clarification on these changes, please don’t hesitate to contact our team on (07) 4052 0800.
Renee Francis,
SMSF Relationship Manager
