Contribution caps 2021-2022 financial year
From 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The new caps will be:
|Year||Concessional Cap||Non-Concessional cap|
|2021-22||$27,500||$110,000 or $330,000 over 3 years|
The total superannuation balance limit that determines if an individual has a non-concessional contributions cap of nil will also increase from $1.6 to $1.7 million, effective from 1 July 2021.
Individuals who are under 65 years old, may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap ($110,000 from 1 July 2021) in a single year. It is important to note that if an individual enters into a bring forward arrangement before 1 July 2021, they will not have access to any additional cap space as a result of the increase to the non-concessional cap.
If you are considering planning to make additional contributions, please contact us.