Retirement
Federal government announces changes to superannuation contribution caps
Retirement
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024.
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024.
The standard concessional and non-concessional contribution caps will see an increase, a move that has been anticipated by experts in the field.
"These changes were expected and alongside the stage three tax cuts applying from 1 July 2024, mean some may have additional disposable income to contribute more to super," explained Peter Burgess, CEO of the SMSF Association.
Starting from 1 July 2024, the standard concessional contribution cap will be raised from $27,500 to $30,000. Similarly, the non-concessional contribution cap, which is calculated as four times the standard concessional contribution cap, will also increase from $110,000 to $120,000. This adjustment implies that the maximum amount available under the non-concessional contribution bring-forward provisions will be elevated from $330,000 to $360,000.
Furthermore, the Total Superannuation Balance Thresholds, which are instrumental in determining the maximum amount of bring-forward non-concessional contributions available to an individual, will also undergo adjustments from 1 July 2024.
These developments are being closely scrutinised and discussed at the ongoing SMSF Association National Conference in Brisbane. Held at the Convention and Exhibition Centre, the conference features sessions dedicated to exploring the latest contribution strategies and how these changes could affect contributions on the Division 296 tax calculation.
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