Changes to Superannuation Contribution Caps

Changes to Concessional (Deductible) and Non-Concessional (Non-Deductible) Contribution Caps from 1 July 2024

From 1 July 2024, changes to concessional and non-concessional contribution caps will take effect, allowing individuals to contribute more to their superannuation. The changes are as follows:

Concessional Contributions Cap:

The annual concessional contributions cap will increase from $27,500 to $30,000. Concessional contributions include employer mandated super guarantee contributions, salary sacrifice contributions, and personal contributions claimed as a tax deduction.

Non-Concessional Contributions Cap:

The annual non-concessional contributions cap will increase from $110,000 to $120,000. Additionally, individuals under the age of 75 will be able to bring forward three years’ worth of contributions, allowing them to contribute up to $360,000 in a single year. It is important to note that where an individual has triggered the bring-forward arrangement prior to 30 June 2024, they will still be subject to the previous cap of $330,000 ($110,000 per annum).

To speak with one of our Accountants about the new cap limits, contact our office today on 08 9256 2777 or emailĀ admin@bqk.com.au

Read More
PPSAdvisory – Introductory ServicesOur team recently received an update on the Personal Property Security Act (PPSA) from our affiliated advisor, Simon Read of PPSAdvisory Simon reminded us of the importance of our clients properly registering their security interests,...
Read More