Peter Burgess
The Federal Government yesterday announced the increases in the standard concessional and non-concessional contributions caps.
SMSF Association CEO, Peter Burgess said, “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.”
- From 1 July 2024, the standard concessional contribution cap will increase from $27,500 to $30,000.
- From 1 July 2024, the non-concessional contribution cap (which is expressed as 4 times the standard concessional contribution cap) will also increase from $110,000 to $120,000. This also means that the maximum available, under the non-concessional contribution bring-forward provisions, will increase from $330,000 to $360,000.
- From 1 July 2024, the Total Superannuation Balance Thresholds used to determine the maximum amount of bring-forward non-concessional contributions available to an individual will also be adjusted.
The SMSF Association National Conference is currently underway in Brisbane at the Convention and Exhibition Centre, with several sessions discussing the latest contribution strategies and the impact of contributions on the Division 296 tax calculation.