Prepare for Changes as Concessional and Non-Concessional Caps Rise
What You Need to Know for 2025
The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year.
- The concessional contribution cap will increase from $27,500 to $30,000. This ‘CC’ cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and salary sacrificed contributions.
- The non-concessional contribution cap will increase from $110,000 to $120,000. This ‘NCC’ cap is generally applicable to personal non-deductible contributions.
The increase in the NCC cap also means that the maximum available under the three-year bring forward provisions will increase from $330,000 to $360,000. This is provided that the ‘bring forward’ is triggered on or after 1 July 2024.
The ‘total superannuation balance’ threshold for being able to make non-concessional contributions (and the pension general transfer balance cap) will remain at $1.9 million.
Superannuation is one of those areas that can be compared to a cart on a rollercoaster. Its performance is constantly affected by economic climate and shifting legislation that alters the benefits individuals and businesses can gain from superannuation funds. There are a lot of advantages available to you and your business. And, we are here to assist you in finding out what those are. Contact the Omnis Superannuation team on 08 9380 3555.