The superannuation contribution caps have been updated for the 2024-25 financial year. Here's what you need to know.
New Contribution Caps:
- Concessional (before-tax) contributions: $30,000 per year
- Non-concessional (after-tax) contributions: $120,000 per year
Key Points:
- Carry-Forward Contributions - If you haven't used your full concessional cap in previous years and your total super balance is under $500,000, you may be able to carry forward unused amounts.
- Bring-Forward Rule - If you're under 75, you may be able to bring forward up to three years of non-concessional contributions.
- Spouse Contributions - You may be eligible for a tax offset of up to $540 if you contribute to your spouse's super.
Planning Strategies:
- Review your current contribution levels
- Consider salary sacrificing to boost your super
- Check if you're eligible for the government co-contribution
Our team can help you develop a superannuation strategy tailored to your circumstances.