Super contribution caps will increase from 1 July 2021
Managing your superannuation transfer balance account
April 6, 2021
Evidencing SMSF property valuations
May 7, 2021
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 a member of your self-managed super fund (SMSF) is planning on making additional contributions, consider talking to an advisor or tax professional.
If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.
