From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. 

The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000).

The new non-concessional (i.e., non-deductible) contributions cap for the 2022 financial year is now $110,000 or (where the ‘bring forward’ rules are applicable) $330,000 over three years (increased from $100,000 or $300,000 respectively).

The CGT cap amount for the 2022 financial year is now $1,615,000 (increased from $1,565,000).

Editor: The increase in the concessional contributions cap in particular will require those salary sacrificing additional superannuation to consider if they wish to increase their packaging arrangements so as to maximise the $2,500 increase in the cap.

Ref: ATO website, Key superannuation rates and thresholds: contributions caps, updated 6 July 2021

—

If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.

With three offices across Western Australia and over 20 years of experience, Muntz Partners is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice.