Are you wanting to contribute more into Superannuation?
VIEW MORE NEWSThe Federal Government has announced that concessional and non-concessional superannuation contribution caps will increase from 1 July 2024.
The concessional contributions cap, which applies to employer, salary-sacrificed contributions and personal contributions claimed as a tax deduction will increase from $27,500 to $30,000.
The non-concessional contributions cap (NCC), which applies to after-tax contribution will increase from $110,000 to $120,000, if the member meets the relevant conditions, they could contribute up to $360,000 (bring forward rules).
From 1 July 2024, the total superannuation balance (TSB) thresholds, used to determine the maximum amount of the bring-forward NCCs available to member, will be adjusted as follows:
| TSB as at 30 June 2024 | Maximum NCC cap | Bring forward period |
| < $1.66 mil | $360,000 | 3 years |
| $1.66 mil to < $1.78 mil | $240,000 | 2 years |
| $1.78 mil < $1.9 mil | $120,000 | 1 year |
| $1.9 mil + | $0 | 0 |