From 1 July 2024:
Non-concessional contribution caps and thresholds are summarised in the table below:
TSB at 30 June 2024 Maximum available NCC Cap Maximum available NCC Period
< $1.66 Million $360,000 3 Years
$1.66 - < $1.78 Million $240,000 2 Years
$1.78 - < $1.9 Million $120,000 1 Year
$1.9 Million (and above) $0 N/A
In addition to the adjusted contribution caps and thresholds outlined above, several other thresholds will also be impacted including:
The General Transfer Balance Cap, which is indexed according to movements in the Consumer Price Index (CPI), had already been confirmed as remaining set to $1.9 Million for the 2024-25 financial year.
1An individual’s personal concessional contribution cap for 2024-25 may be higher if they’re eligible to unlock unused carried forward concessional contribution cap amounts from previous years.
2An individual’s NCC cap in 2024-25 will be NIL where their TSB, measured at 30 June 2024 is $1.9 Million or more. This also applies to individuals who are already in a previously triggered bring-forward period.
3Individual’s who are already in a previously triggered bring-forward period will not benefit from the increase in the non-concessional contribution cap. Their contribution levels for 2024-25 will be limited to the amount that they had previously locked in.
Source: Fabian Bussoletti, Technical Manager, Self Managed Super Fund Association
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