The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed.
The new caps for the 2021/22 year will be:
- Concessional Cap: $27,500
- Non-Concessional cap: $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.
Find out more about the ATO’s contribution caps here.
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.
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