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 three 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.
For more information and how to minimise your tax, please give me a call on 49561640.