From 1 July 2021, the maximum amounts you can contribute to your super without paying additional tax are changing:

Concessional contributions

 

The new concessional contribution cap will be changing from $25,000 to $27,500.

(Concessional contributions are contributions which are taxed at a concessional (or lower) tax rate. These would usually include your employer contributions and any salary sacrifice contributions you make)

Non-concessional contributions

 

The new non-concessional contribution cap will be changing from $100,000 to  $110,000.

(Non-concessional contributions are contributions that don’t receive concessional (or lower) tax treatment. They are usually contributions that are made with post-tax money)

The maximum ‘bring forward’ amount also increases from $300,000 to $330,000. You can find out more about the bring forward rule in the ‘post-tax’ contribution section of our website.

On top of these changes…

From 1 July 2021, there are also changes to:

  • the Transfer Balance Cap (increasing on an individual basis to between $1.6 million and $1.7 million depending on your circumstances – see the ATO for details)
  • the Total Super Balance (increasing to $1.7 million). This figure used to determine eligibility for several superannuation measures such as government co-contribution
More information is available on the ATO website. Or give us a call to discuss your situation.

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