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The concessional and non-concessional contributions caps will be increasing effective from 1 July 2024 as follows:
- The concessional contribution cap will increase from $27,500 to $30,000.
- The non-concessional contribution cap will increase from $110,000 to $120,000.
- The maximum non-concessional cap available under the bring-forward provisions will increase from $330,000 to $360,000.
The concessional and non-concessional contribution caps are summarised below:
| Contribution Caps | 2023-2024 | 2024-2025 |
|---|---|---|
| Concessional Contributions Cap | $27,500 | $30,000 |
| Non-Concessional Contributions Cap | $110,000 | $120,000 |
| Bring forward | $330,000 over 3 years | $360,000 over 3 years |
The total superannuation balance threshold, which is relevant for making non-concessional contributions, remains at $1.9 million during the 2024-25 financial year. The transfer balance cap also remains unchanged at $1.9 million.
