loader image

Home > Blog > Changes to Superannuation Caps

Changes to Superannuation Caps

Date: 22 March 2024

For the first time in three years, superannuation contribution caps will be increasing, with the changes coming into effect from 1 July 2024.

Contribution cap increases are linked to average weekly time ordinary earnings (AWOTE) figures, with a figure greater than 0.07% needed to trigger an increase.

The figure for the year ended 2023, was the highest annual increase in underlying wage growth since 2009, coming in at 4.5% and accordingly, the concessional cap will rise from $27,500 to $30,000.

Following that increase, the non-concessional cap, which is always four times the concessional cap limit, will increase from $110,000 to $120,000.

The bring forward non-concessional cap, whereby eligible members can make three years worth of non-concessional contributions in a single year, will change from $330,000 to $360,000, although it is worth noting that members who have triggered the bring forward rule in either the 2023 or 2024 financial year, will not get the benefit of the increase until their bring forward period is over.

This increase has also impacted a number of other areas, including:

  • Government Superannuation Co-Contributions income threshold,
  • CGT Small Business Contribution cap,
  • Low-Rate Cap (applies to the tax treatment of superannuation withdrawals),
  • Superannuation Guarantee maximum contribution base, and
  • Redundancy tax-free thresholds.

Please reach out to your team at Roberts + Morrow if you have any questions on the changes coming into effect.

Start today

To get in touch with our team, start by emailing us at enquiries@rm.net.au

Know More

Our Brisbane Team have moved offices

Our Brisbane Team have moved offices

Exciting news! We are thrilled to announce the relocation to our new office space in Brisbane! This relocation is a significant milestone for our team, reflecting our growth and commitment to our community. Our new office, located at Level 14, 40 Creek Street,...

read more
Firearms – Deceased Estates (NSW)

Firearms – Deceased Estates (NSW)

When a registered firearms owner has died, their executor (or administrator) should notify the Firearms Registry of the death as soon as practicable. The Firearms Registry will arrange for NSW Police to complete a safe storage inspection of the firearms. At this time,...

read more