Contribution caps to increase from 1 July 2024

After the recent publication of the latest Average Weekly Ordinary Time Earnings (AWOTE) index, the anticipated adjustments to the contribution caps effective July 1, 2024, have been officially verified as follows:

• The standard Concessional contribution cap is set to rise from $27,500 to $30,000.
  
  
• The Non-concessional contribution cap, calculated as four times the standard concessional contribution cap, will experience an increase from $110,000 to $120,000.
  
  
• The maximum allowable Non-concessional cap under the Non-concessional contribution bring-forward provisions will see an elevation from $330,000 to $360,000.
  
  
• The Total Superannuation Balance Thresholds, crucial for determining an individual's maximum available bring-forward Non-concessional contributions, will undergo adjustments.

The Non-concessional contribution caps and associated thresholds are presented in the table below:

In addition to the modified contribution caps and thresholds outlined above, several other thresholds will be affected, including:

• The eligibility thresholds for the Superannuation Government Co-Contribution.
  
  
• The CGT Contribution cap, applicable post the sale of eligible small business assets.
  
  
• The Low-Rate Cap governing the tax treatment of superannuation withdrawals.
  
  
• Redundancy tax-free thresholds.
  
  
• The Superannuation Guarantee maximum contribution base.

Please note that the General Transfer Balance Cap will remain fixed at $1.9 Million for the 2024-25 financial year.