#EveryoneNeedsaPlan: Superannuation Contribution Caps Increased as of July 2024

Superannuation concessional and non-concessional contribution limits will be increased from 1 July, 2024 (i.e., the 2025 FY)

• Superannuation investments generally incur a lower rate of tax when compared to non-superannuation investments
• Accumulating savings in superannuation is a tax-effective strategy for retirement planning
• Contributions to superannuation are limited and exceeding the limits will have tax consequences
• Concessional Contributions (CC) to superannuation may be claimed by the payer as a tax deduction, but tax is payable on the contribution (paid from the superannuation fund)
  • In this current 2024 FY the CC limit is $27,500 (for each member)
  • From 1 July 2024 the CC limit will increase to $30,000
• Non-Concessional Contributions (NCC) to superannuation cannot be claimed as a tax deduction by the payer, but the contribution is not subject to tax
  • In this current 2024 FY the NCC limit is $110,000 (for each member)
  • From 1 July 2024 the CC limit will increase to $120,000
• Superannuation contribution strategies are complex and so if you need help don't hesitate to contact us and arrange your free initial consultation to discuss your requirements