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Superannuation Contribution Caps to Increase from 1 July 2021
The concessional contribution cap will increase from $25,000 per annum to $27,500 per annum from 1 July 2021.
The non-concessional contribution cap will increase from $100,000 per annum to $110,000 per annum.
The non-concessional cap threshold will also increase from $1.6 million to $1.7 million.
The bring-forward rule will also increase from $300,000 to $330,000.
Individuals may need to consult with their tax agents about superannuation advice; if you are involved in processing payroll and super for employees, you may need to be aware of the new caps and threshold when processing superannuation.