Annual caps for making super contributions are largely unchanged in 2023-24 although the transfer balance cap has increased from $1.7 million to $1.9 million. The rate for compulsory Super Guarantee (SG) contributions paid by your employer has increased from 10.5% to 11.0%.
Concessional contributions are before-tax contributions that form part of the fund’s assessable income. Examples include super guarantee (SG) contributions, salary sacrifice contributions, personal contributions which are claimed as a tax deduction, contributions made by another person (excluding spouse or child contributions), certain amounts allocated from a fund’s reserves and super guarantee shortfall payments.
Non-concessional contributions are after-tax contributions that do not form part of the fund’s assessable income. Examples include personal contributions which are not claimed as a tax deduction, spouse contributions, child contributions, certain overseas pension transfers, small business sale proceeds that are contributed to super and excess concessional contributions.
The caps for the year to 30 June 2024 are summarised below.
| Superannuation Contribution Limits 2024-25 | |
|---|---|
| Concessional | |
| Under 75 | $30,000 |
| Non-Concessional | |
| Under 75 and total super balance < $1.66 million | $120,000 or $360,000 using 'bring forward' rules |
| Under 75 and total super balance > $1.66 million but < $1.78 million | $120,000 or $240,000 using 'bring forward' rule |
| Under 75 and total super balance > $1.78 million but < $1.9 million | $120,000 |
| Under 75 and total super balance > $1.9 million | Nil |
For more information on this and other superannuation matters, please contact us.