Super Contribution Caps to Increase

23 Feb 2024

Written by

David Busoli, Principal

The latest AWOTE figures have been confirmed and will result in an increase to the superannuation contribution caps commencing 1 July 2024. The concessional contribution cap will increase from $27,500 to $30,000 and the non-concessional contribution cap from $110,000 to $120,000.

The three year bring forward limits will also increase from $330,000 to $360,000, unless they have been triggered by 30 June 2024. If they have, then the $330,000 limit will still apply.

The $1.9m total super balance limit is not adjusted by AWOTE, so has not changed, but lower sub-limits will apply as they are based on the contribution limit. The following tables indicate the change.

To 30 June 2024

TSB @ Previous 30 JuneMax NCC
Less than $1.68m$330,000
$1.68m to under $1.79m$220,000
$1.79m to under $1.9m$110,000
$1.9m and over$0

From 1 July 2024

TSB @ Previous 30 JuneMax NCC
Less than $1.66m$360,000
$1.66m to under $1.78m$240,000
$1.78m to under $1.9m$120,000
$1.9m and over$0

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