Contribution limits are slated to increase for the 2025 income year. Here are the specifics:
- Effective from July 1, 2024, the concessional contribution cap will be raised from $27,500 to $30,000.
- Similarly, commencing July 1, 2024, the non-concessional contribution cap (set at four times the concessional contribution cap) will see an uptick from $110,000 to $120,000. Consequently, the maximum available under the three-year bring-forward provisions will climb from $330,000 to $360,000, provided the ‘bring forward’ is initiated on or after July 1, 2024.
- The ‘total superannuation balance’ (‘TSB’) threshold for making non-concessional contributions (along with the pension general transfer balance cap) will remain at $1.9 million for the 2025 income year. However, as of July 1, 2024, the TSB thresholds used to ascertain the maximum amount of bring-forward non-concessional contributions available to an individual will be adjusted to accommodate the increase in the non-concessional contributions cap.
This is the first instance of contribution caps being raised in three years.
