Superannuation caps to rise from 01 July 2021

There are various caps associated with Superannuation. For the first time since the changes to super on 1 July 2017, these are all set to be indexed from 1 July 2021;

1. Concessional (pre-tax) Contribution Cap - currently $25,000 will rise to $27,500.
2. Non-concessional (after-tax) Contribution Cap - currently $100,000 will rise to $110,000.
3. Non-concessional (after-tax) "bring forward" Contribution Cap - currently $300,000 will rise to $330,000. This is only for people under 65y0.
4. Transfer Balance Cap (the amount of accumulated super benefits you can convert to "tax-free" pension benefits) - currently $1.6m will rise to $1.7m. Click here to read more on the ATO website.

          There are a litany of rules and red-tape around contributing to super, especially for people approaching or being over 65yo, as shown here on the ATO website.

          Please be sure to contact us when you are contemplating contributions to your superannuation fund. You can email us at staff@cjeffery.com.au or call us on 9908 4744.