Superannuation Contribution Caps set to increase

Superannuation Contribution Caps set to increase from 1 July 2024

Recent revelations surrounding wage growth have paved the way for increases in superannuation contribution caps, slated to take effect from July 1, 2024. The anticipated changes present a unique opportunity for individuals to bolster their retirement savings. Here’s a snapshot of the projected key changes: 

  1. Concessional Contribution Cap Boost: The standard concessional contribution cap is set to raise from $27,500 to $30,000.
  2. Non-Concessional Contribution Cap Enhancement: The non-concessional contribution cap, calculated as four times the standard concessional contribution cap, is set for a notable increase from $110,000 to $120,000.
  3. Non-Concessional Contribution Bring-Forward Provisions: The maximum non-concessional cap available under the non-concessional contribution bring-forward provisions is also set to increase from $330,000 to a substantial $360,000.

This transformative update opens avenues for individuals to make more significant contributions to their superannuation, providing a unique chance to optimize retirement savings. As these changes unfold, our team is here to guide you through the intricacies of the updated superannuation landscape.

Contact us today!

Ready to seize the opportunity to enhance your retirement savings or want to find out more about the above projected changes? Our superannuation team at DFK Nugents are here to assist you every step of the way. Contact us today for more information or for personalised guidance tailored to your superannuation goals.

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