Increases to super contribution caps announced

1 April 2021
| By Chris Dastoor |
image
image
expand image

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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

The RBA’s new monetary policy board has delivered its first rate decision....

22 hours ago

A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor....

1 day ago

Qantas Super has officially merged with ART over the weekend, with its CEO describing the “bittersweet” decision as being in the best financial interests of its members....

1 day ago

TOP PERFORMING FUNDS