22 February 2024

Super Contribution Caps to Increase

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.

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




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