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.