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Super Contribution Caps to Increase

MAGNIFY Wealth

The latest AWOTE figures have been confirmed and will result in an increase to the superannuation contribution caps commencing 1 July 2024. The concessional contribution cap will increase from $27,500 to $30,000 and the non-concessional contribution cap from $110,000 to $120,000.


The three year bring forward limits will also increase from $330,000 to $360,000, unless they have been triggered by 30 June 2024. If they have, then the $330,000 limit will still apply.


The $1.9m total super balance limit is not adjusted by AWOTE, so has not changed, but lower sub-limits will apply as they are based on the contribution limit. The following tables indicate the change.


To 30 June 2024

TSB @ Previous 30 June

Max NCC

Less than $1.68m

$330,000

$1.68m to under $1.79m

$220,000

$1.79m to under $1.9m

$110,000

$1.9m and over

$0


From 1 July 2024


TSB @ Previous 30 June

Max NCC

Less than $1.66m

$360,000

$1.66m to under $1.78m

$240,000

$1.78m to under $1.9m

$120,000

$1.9m and over

$0


If you have any concerns about how this will affect you; please contact our team.

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Zinc Wealth Pty Ltd,  ABN 85 616 916 851, trading as Zinc Wealth is an authorised representative of Accession 3 Financial Advisers Pty Ltd  (Australian Financial Services Licence No. 331990).  All information and articles on this site are general in nature. They do not consider your personal circumstances. Please consult your financial adviser before acting. Liability limited by a scheme approved under Professional Standards Legislation.
 

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