Starting on July 1, 2024, the concessional contributions cap will be raised from $27,500 to $30,000. As a result, the non-concessional contributions cap, which is four times this limit, will also increase from $110,000 to $120,000 (or $240,000 and $360,000 for individuals utilizing the bring forward rules). These changes are part of the new Super thresholds for 2023-2024.
| Income Year | Concessional Contribution Cap | Non- Concessional Contribution Cap |
|---|---|---|
| 2023-2024 | $ 27,500 | $ 110,000 |
| 2022-2023 | $ 27,500 | $ 110,000 |
| 2021-2022 | $ 27,500 | $ 110,000 |
Concessional contributions include:
Understanding the Super thresholds for 2023-2024 is crucial for effective financial planning.
- employer contributions (including contributions made under a salary sacrifice arrangement)
- personal contributions claimed as a tax deduction.
In the case of multiple funds, the total concessional contributions across all your funds are aggregated and considered against your concessional contributions cap.
