Understanding Changes to Superannuation Contribution Caps in Australia


Changes to contribution caps were anticipated, coinciding with stage three tax cuts effective from July 1, 2024. This may result in individuals having extra funds to contribute to superannuation. Specifically, the concessional contribution cap will rise from $27,500 to $30,000, and the non-concessional contribution cap will increase from $110,000 to $120,000, allowing for greater contributions.

Furthermore, the maximum amount available under the non-concessional contribution bring-forward provisions will increase from $330,000 to $360,000. These adjustments aim to provide individuals with more flexibility in contributing to their superannuation funds, potentially enhancing their retirement savings. Moreover, from July 1, 2024, Total Superannuation Balance thresholds used to determine maximum non-concessional contributions will also be adjusted, impacting individuals' contribution allowances.

Why not take the next step and talk to a qualified financial planner? 

LifeTime Financial Group are specialist (holding appropriate accreditations) advisors who are ideally positioned to assist you with your superannuation contribution needs. 

If you would like to discuss your wider financial planning needs, why not call us today on 03 9596-7733? There is no cost or obligation for our initial conversation/meeting.

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