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As the conclusion of the 2024 Financial Year approaches it is important to be aware of the superannuation contribution caps set by the Australian Taxation Office (ATO) each year to avoid penalties for exceeding these contribution limits.

Proficiency in comprehending these caps is imperative for adherence to regulations and making well-informed decisions concerning your superannuation contributions.

Superannuation Contribution Caps:

Concessional Contributions Cap:
As of the current 2024 Financial Year, the concessional contributions cap is $27,500 per annum for individuals of all ages. Exceeding this cap may result in additional tax liabilities.

Non-Concessional Contributions Cap:
The non-concessional contributions cap for the current Financial Year is$110,000. Individuals under the age of 65 may also be eligible to bring forward contributions for up to three years, allowing for a maximum contribution of $330,000 over a three-year period.

Carry forward unused superannuation contribution cap amounts:

If you have unused concessional cap amounts from previous years, you may be able to carry them forward to increase your contribution caps in later years. You're eligible to do this if you have both:

  • a total super balance of less than $500,000 at 30 June of the previous Financial Year
  • unused concessional contributions cap amounts from up to five previous years.

The unused cap amounts you can carry forward depends on the amount you have contributed to previous years, starting from 2018-19. From 1 July 2024, if you have unused concessional contributions from the Financial Year 2019 they will be lost.

To make a personal deductible contribution after age of 67-75, you need to meet the work test. We highly recommend contacting your adviser or accountant if you want to make a contribution after the age of 67. To further understand the concessional and non-concessional contributions and how they are treated please refer to the ATO website

It is important to seek advice from your Ashfords financial advisor if you have any questions or need personalised guidance regarding your superannuation contributions.

How can Ashfords help

Ashfords Accountants, Wealth and Superannuation team are here to help with any of the above.

Please contact one of our friendly team members on 𝟬𝟯 𝟵𝟱𝟱𝟭 𝟮𝟴𝟮𝟮 or email 𝘀𝗺𝘀𝗳@𝗮𝘀𝗵𝗳𝗼𝗿𝗱𝘀.𝗰𝗼𝗺.𝗮𝘂.


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