The annual contribution caps will increase on 1st July, 2024.
- Concessional contribution caps will increase from $27,500 to $30,000
- Non concessional contribution caps will increase from $110,000 to $120,000
This presents increased opportunities to contribute to Super and receive a tax free income in retirement.
It also means an increase to strategies that we have discussed but not yet implemented, such as triggering the bring forward rule or recontribution strategies.
Following the tax cuts that have just been passed, this represents an opportunity for tax savings for those with taxable income between $45,000 – $135,000 or $180,000 – $190,000.
As always, everyone’s situation is different and we encourage you to give us a call on 1300 014 368, or book a time to discuss your personal circumstances on the link below.
