Contribution Caps – Increase from 1 July 2021
As previously announced, the Contribution Caps will increase from 1 July 2021 – with concessional (deductible) contributions increasing from $25,000 to $27,500; and non-concessional (after-tax) from $100,000 to $110,000.
|Concessional (deductible) Contribution Cap from 1 July 2021||$27,500|
|Non-Concessional (after-tax) Contribution Cap from 1 July 2021||$110,000|
|Bring-forward provisions (three-years of contributions)||Up to $330,000|
Non-concessional contributions and bring forward provisions are subject to the transfer balance cap – which has increased to $1.7m.
|Total Super Balance as at 30 June 2021||Non-concessional contribution cap / bring forward rules|
|$1.7m or more||$0, no bring forward|
|$1.59m or more, but less than $1.7m||$110,000, no bring forward|
|$1.48m or more, but less than $1.59m||$220,000, 2 year bring forward period|
|Less than $1.48m||$330,000, 3 year bring forward period|
*work test applies to those aged between 65 and 74 years