08 Mar Australian Super Caps to Increase from 1 July 2024

The confirmed latest Australian inflation figures have led to an increase to the superannuation contribution caps from 1 July 2024.

The concessional contribution cap (amount paid in primarily by employers) will increase from $27,500 to $30,000 p.a. and the non-concessional contribution cap (amount paid in primarily from own non-employment sources) will rise from $110,000 to $120,000 p.a..

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 will remain fixed.

This provides an excellent opportunity for people to top up their super entitlements more efficiently over time.

To discuss how the above may impact on you, please contact us by email to welcome@pensionexchange.com