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

Dux of CTA2A Advanced Steven Tanner

Dux of CTA2A Advanced Steven Tanner

Steven Tanner, our Manager in the Brisbane office, was recently awarded Dux of CTA2A Advanced for Study Period 3 2023. A fantastic result in an advanced tax course, congratulations Steven! We asked him a few questions to reflect on his achievement and provide some...

read more
Introducing our newest Partner…

Introducing our newest Partner…

Robert Waters advanced to Partner on the 1 March 2024, recognising his experience and professionalism and being a valued member of the Armidale and Glen Innes Business Services teams. We asked Robert a few questions about his new role and his time with us at Roberts +...

read more