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  • MAGNIFY Wealth

Super Contribution Caps to Increase

The latest AWOTE figures have been confirmed and will result in an increase to the superannuation contribution caps commencing 1 July 2024. The concessional contribution cap will increase from $27,500 to $30,000 and the non-concessional contribution cap from $110,000 to $120,000.


The three year bring forward limits will also increase from $330,000 to $360,000, unless they have been triggered by 30 June 2024. If they have, then the $330,000 limit will still apply.


The $1.9m total super balance limit is not adjusted by AWOTE, so has not changed, but lower sub-limits will apply as they are based on the contribution limit. The following tables indicate the change.


To 30 June 2024

TSB @ Previous 30 June

Max NCC

Less than $1.68m

$330,000

$1.68m to under $1.79m

$220,000

$1.79m to under $1.9m

$110,000

$1.9m and over

$0


From 1 July 2024


TSB @ Previous 30 June

Max NCC

Less than $1.66m

$360,000

$1.66m to under $1.78m

$240,000

$1.78m to under $1.9m

$120,000

$1.9m and over

$0


If you have any concerns about how this will affect you; please contact our team.

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