From 1 July 2021, the superannuation contribution caps are changing. The updates will include the following:
- The Concessional Contribution limit is set to increase from $25,000 to $27,500.
- The Non-Concessional Contribution limit is set to increase from $100,000 to $110,000.
- The maximum amount a person who is under age 65 on 1 July 2021 can contribute under the non-concessional contribution “bring forward rule” is also set to increase from $300,000 to $330,000.
- The general Transfer Balance Cap is increasing from $1.6 million to $1.7 million.
For tips on how you can make the most out of your Self-Managed Super Fund, check out our top SMSF Tips for the 2021 Financial Year.
To ensure you maximise your superannuation contributions, reach out to our Melbourne-based SMSF and Private Wealth teams.