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 email admin@bqk.com.au