From 1st July 2024 Contribution Caps will increase whilst the general transfer balance cap will stay as is.
The concessional and non-concessional contributions caps will be increasing from 1 July 2024 as follows:
The concessional contribution cap will increase from $27,500 to $30,000.
The non-concessional contribution cap will increase from $110,000 to $120,000.
The maximum non-concessional cap available under the bring-forward provisions will increase from $330,000 to $360,000.
The total superannuation balance threshold will remain at $1.9 million during the 2024-25 financial year. The transfer balance cap also stays the same at $1.9 million.
If any of your clients are in a bring forward period, they will need to wait until the bring forward period is over to take advantage of the increased caps.
Get in touch with us here at Keep It Simple Super for all of your SMSF Administration needs.
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