Super Caps Increasing

From 1 July 2024, super caps are increasing for concessional and non concessional contributions.

Concessional Contributions

This will increase from $27,500 to $30,000 per year.

Keep in mind that if you have a total member balance of less than $500,000, this is the last year that you can use any bring forward concessional contributions that you haven't used up since 2018.

Non-Concessional Contributions

This will increase from $110,000 to $120,000 per year.

Consequently, the bring forward amount will increase from $330,000 over three years to $360,000 over three years.

Total Super Balance Threshold for Non-Concessional Contributions

This remains unchanged at $1.9 million.

Transfer Balance Cap

This also remains unchanged at $1.9 million.

Using Contribution Reserves

If you have an SMSF and are doing your tax planning, looking for ways to reduce large profits in your business, or if you had a large capital gain this financial year, remember to take these new caps into consideration if you are looking to use 2025 years concessional cap to make additional contributions to claim more tax deductions in this financial year.

More information

Announcement of the cap increases

How to use the contribution reserve

ATO contribution reserve request form

ATO bring forward arrangements

To discuss any of the above further, you can ring Super Accounting on 07 4021 2801.

' It's not enough to be up to date. You have to be up to tomorrow.' David Ben-Gurion