Contribution Cap Increases from 1 July 2024

From 1 July 2024, the standard concessional contribution cap will increase from $27,500 to $30,000 and the non-concessional contribution cap which is expressed as four times the standard concessional contribution cap will also increase from $110,000 to $120,000.

This also means that the maximum available, under the non-concessional contribution bring-forward provisions, will increase from $330,000 to $360,000.

The General Transfer Balance/Pension Cap, which is indexed according to movements in the Consumer Price Index (CPI), had already been confirmed as remaining at $1.9 million for the 2024-25 financial year.

$3m cap - Senate inquiry extended

Recently, the Senate granted an extension to 10 May 2024 for the Economics Legislation Committee to issue its final report on into the Treasury Laws Amendment (Better targeted Superannuation Concessions and Other Measures) Bill 2023. 

The final report was due to be delivered to the Senate on 19 April 2024. However, we welcome the additional time that has been made available to the Committee to consider these Bills. These measures are complex, contain a number of unintended consequences and distorted outcomes. If passed in its current form, the Bill would fundamentally change the Australian Taxation system and provide a precedent for the taxation of unrealised gains.

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