Hello Chasers,
The big news story for those contributing to super is that the contribution caps are set to increase from the 1st July 2024.
- The concessional contribution cap will increase from $27,500 to $30,000.
This ‘CC’ cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and salary sacrificed contributions.
- The non-concessional contribution cap will increase from $110,000 to $120,000.
This ‘NCC’ cap is generally applicable to personal non-deductible contributions.
The increase in the NCC cap also means that the maximum available under the three-year bring forward provisions will increase from $330,000 to $360,000. This is provided that the ‘bring forward’ is triggered on or after 1 July 2024.
The ‘total superannuation balance’ threshold for being able to make non-concessional contributions (and the pension general transfer balance cap) will remain at $1.9 million.
We will be discussing strategies at your upcoming Tax Planning meeting on how you can maximise your tax deductions with superannuation contributions.
Have a great day!
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