Super Transfer Balance Cap is Increasing
- Nyssa Gower
- Apr 12, 2024
- 1 min read
Updated: 19 hours ago
From 1 July 2025, the transfer balance cap is increasing
Concessional Contributions
This remains unchanged at $30,000 per year.
Keep in mind that if you have a total member balance of less than $500,000, this is the last year that you can use any bring forward concessional contributions that you haven't used up since 2018.
Non-Concessional Contributions
This remains unchanged at $120,000 per year.
The bring forward amount will remain unchanged at $360,000 over three years.
Total Super Balance Threshold for Non-Concessional Contributions
This will increase from $1.9 million to $2 million.
Transfer Balance Cap
This will increase from $1.9 million to $2 million.
Using Contribution Reserves
If you have an SMSF and are doing your tax planning, looking for ways to reduce large profits in your business, or if you had a large capital gain this financial year, remember to take these new caps into consideration if you are looking to use 2025 years concessional cap to make additional contributions to claim more tax deductions in this financial year.
More information
To discuss any of the above further, you can ring Super Accounting on 07 4021 2801.
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