Super fund members with money to spare can put extra into their super accounts from 1 July 2024, thanks to an increase in the concessional and non-concessional contributions caps.
This was the first increase in three years and is due to indexation of the contribution caps to wages. Wages, as measured by Average Weekly Ordinary Times Earnings (AWOTE), grew strongly in 2023.
The annual concessional contributions cap is now $30,000, up from $27,500 previously, and the annual non-concessional contributions (NCC) cap, set at four times the standard concessional contributions cap, is $120,000, up from $110,000.
This also means the maximum bring-forward rule cap has increased from $330,000 to $360,000. The actual amount of non-concessional contributions you can bring forward will depend on your total superannuation balance on 30 June the previous financial year. For example, the amount of bring-forward NCC you can make in 2024–25 will depend on your total super balance on 30 June 2024.
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