Super Contribution Caps 2024-25
Good news for the Super contribution caps 2024-25 have been released. The government has announced that from 1 July 2024, the standard superannuation concessional contribution cap will increase from $27,500 to $30,000
Concessional superannuation contributions are any contributions paid into your superannuation that receive a concessional (or lower) tax rate. These contributions are contributed from earnings that have not yet been taxed. Concessional contributions are sometimes referred to as before-tax contributions.
Of course, in some circumstances, you may be able to contribute more in that year than the cap. Use the carry-forward rule if your super balance is less than $500k and you have available contributions. Always check with us or the ATO first.
The non-concessional contribution cap, calculated as four times the standard concessional contribution cap, will also increase from $110,000 to $120,000.
The new caps will also result in a higher non-concessional bring-forward cap of $360,000 if triggered in 2024/25 years onwards.
We encourage our clients to review their superannuation plans continually and use their super contribution caps 2024-25. Superannuation is often an effective strategy moving forward as you near retirement. Please contact us if we can assist you in this area.
