Increases to super contribution caps announced
The Australian Taxation Office (ATO) has confirmed increases to concessional superannuation contributions from $25,000 to $27,500, as well as changes to non-concessional contributions and the transfer balance cap.
The changes were announced by the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume and would come into effect from 1 July, 2021.
“The annual non‑concessional contribution cap will also increase on 1 July 2021 from $100,000 to $110,000,” Hume said.
“The latest figures also show an indexed increase in the transfer balance cap from $1,600,000 to $1,700,000.”
AUTHOR
Chris Dastoor
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