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.”
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.
Market volatility continued to weigh on fund returns last month, with persistent uncertainty making it difficult to pinpoint how returns will fare in April.