Insights & News


Contribution caps to increase from 1 July 2024


Contribution caps

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:

TSB at 30 June 2024 Maximum available NCC Cap Maximum available NCC Period
< $1.66 Million $360,000 3 Years
$1.66 – < $1.78 Million $240,000 2 Years
$1.78 – < $1.9 Million $120,000 1 Year
$1.9 Million (and above) $0 N/A


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.

Related Articles
businessman and wooden blocks with the word stamp 2023 11 27 05 34 47 utc 1080x675
19 April 2024
Commercial & Industrial Property Tax Reform

Commercial & Industrial Property Tax Reform: Bill Introduced

Read full article
Screenshot 2024 04 04 162514
5 April 2024
ATO chases debt

ATO chases small businesses for $34b in debt

Read full article
160411177 3966447986709151 1260631807800019121 n
1 March 2024
Fringe Benefits Tax (FBT)

FBT time is fast approaching!

Read full article
Looking to Learn How We Can Help?

Our discovery sessions are a chance to assess market opportunities for your business – advising you on the best pathways to achieving your long-term financial goals.

Book Your Discovery Session