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Superannuation Contributions Caps To Be Increased In July

Effective 1 July 2024, the contribution caps for superannuation will increase as follows:

  • the concessional contributions cap will increase from $27,500 to $30,000; and
  • the non-concessional contributions (NCC) cap will increase from $110,000 to $120,000.

Accordingly, the maximum available under the non-concessional contribution bring forward provisions will increase from $330,000 to $360,000 (unless they have already been triggered by 30 June 2024).

The $1.9m Total Super Balance (TSB) limit 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

From 1 July 2024

The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.

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