Superannuation Announcement 2021
Good news! The super contributions caps are set to increase from 1 July 2021 as follows:
- Concessional cap (tax deductible contributions, including super guarantee) increases from $25,000 pa to $27,500 pa
- Standard non-concessional contribution cap increases from $100,000 pa to $110,000 pa
- Maximum non-concessional contribution cap under the bring-forward rule increases to $330,000
This means that you may be able to get more money into super this calendar year.
It is important to note that the proposal announced in the 2019 federal budget to extend access to the bring-forward rule to people under age 67 at the start of the first financial year has not yet been legislated.
Therefore, only members who are aged under 65 at the beginning of the financial year will be eligible to trigger the bring-forward rule.
Should you have any questions, please do not hesitate to give your adviser a call.
The information in this blog post is general advice and does not consider your individual objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement. Should you have any questions please contact us on 02 9232 6800.