The annual superannuation contribution limits, referred to as 'contribution caps', are set to increase from 1 July 2024. These caps are subject to indexation in line with average weekly ordinary time earnings (AWOTE) and from 1 July 2024, we will see an increase in both the concessional and non-concessional contribution caps as follows:
| 2023–24 | 2024–25 | |
|---|---|---|
| Concessional | $27,500 | $30,000 |
| Non-concessional | $110,000 | $120,000 |
| Non-concessional (3-year bring forward) | $330,000 | $360,000 |
It’s important that you consider how these changes will affect your personal position and what these changes mean for you in the current financial year and beyond.
To get the best outcome, there are some initial considerations to review before making additional contributions this financial year. These are your age, total super balance and taxable income.
