More Money for Super

Hello Chasers,

The big news story for those contributing to super is that the contribution caps are set to increase from the 1st July 2024.

  • The concessional contribution cap will increase from $27,500 to $30,000.

This ‘CC’ cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and salary sacrificed contributions.

  • The non-concessional contribution cap will increase from $110,000 to $120,000.

This ‘NCC’ cap is generally applicable to personal non-deductible contributions.

The increase in the NCC cap also means that the maximum available under the three-year bring forward provisions will increase from $330,000 to $360,000.  This is provided that the ‘bring forward’ is triggered on or after 1 July 2024.

The ‘total superannuation balance’ threshold for being able to make non-concessional contributions (and the pension general transfer balance cap) will remain at $1.9 million.

We will be discussing strategies at your upcoming Tax Planning meeting on how you can maximise your tax deductions with superannuation contributions.

Have a great day!

Read more of our daily blogs for valuable insights and stay up-to-date with the latest industry news – click here to access the full article on our blog page.

Share This

Related Posts

Featured
4 Min Read

Claiming 2024 Working from Home Expenses

Hello Chasers, If you have been working from home this financial year, you will probably have some work- related expenses to claim. There are now two ways to calculate a work from home deduction: fixed rate…
Read Full Article
Featured
4 Min Read

How to Wow!

Hello Chasers, If you have been following our business development blog theme (Creating Consistent Cashflow) this quarter, we are now going to focus on a very important and often neglected aspect of business. And that is…
Read Full Article