Contribution Caps to Increase

The government has announced that contribution caps will increase with effect from 1 July 2024 as follows:

Concessional contributionsfrom $27,500 to $30,000
Non-concessionalfrom $110,000 to $120,000

Contribution strategies with clients 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).

What should you do now?

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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.