The government has announced that contribution caps will increase with effect from 1 July 2024 as follows:
| Concessional Contributions | from $27,000 to $30,000 |
| Non-Concessional Contributions | from $110,000 to $120,000 |
This is a good time to revisit your super strategies and make sure everything is in place to make the most of the increase in contribution caps. The increased contributions cap comes when many people are getting an income boost because of the stage three tax cuts. It may provide a greater scope to contribute the proceeds of your tax cuts into super as a pre-tax or post-tax contribution.
Need help determining the right level of super contributions for you, talk to us today.
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