The government has announced that contribution caps will increase with effect from 1 July 2024 as follows:
| Concessional contributions | from $27,500 to $30,000 |
| Non-Concessional | from $110,000 to $120,000 |
Contribution strategies should be considered in light of this adjustment, particularly those rolling into next financial year.
Given the change to the non-concessional cap, we will see an alteration to the thresholds that apply in conjunction with the Total Super Balance (which remains at $1.9m).
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If you have any questions about the implications for you, the opportunities or how it may affect your current strategies, please contact us on 03 9886 0800 or via email.
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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2024. Please do not reproduce without the expressed written consent of the author.