How to take advantage of the 1 July super cap increase
From 1 July 2024, the amount you can contribute to super will increase — concessional cap to $30,000 and non-concessional cap to $120,000. We show you how to take advantage of the change.
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.
The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions.
Using the bring forward rule
The bring forward rule enables you to bring forward up to 2 years' worth of future non-concessional contributions into the year you make the contribution – this is assuming your total superannuation balance enables you to make the contribution and you are under age 75.
If you utilise the bring forward rule before 30 June, the maximum that can be contributed is $330,000. However, if you wait to trigger the bring forward until on or after 1 July, then the maximum that can be contributed under this rule is $360,000.
'Catch up' contributions
If your super balance is below $500,000 on the prior 30 June, and you want to quickly increase the amount you hold in super, you can utilise any unused concessional super contributions amounts from the last 5 years.
Transfer balance cap unchanged
The general rate for the transfer balance cap (TBC), that limits how much money you can transfer into a tax-free retirement account, will remain at $1.9 million for 2024-25.
- Concessional cap increases to $30,000 and non-concessional to $120,000 from 1 July 2024
- Bring forward rule maximum increases to $360,000 if triggered from 1 July 2024
- Catch-up contributions available if super balance below $500,000
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