How to take advantage of the 1 July super cap increase

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How to take advantage of the 1 July super cap increase. 


From 1 July 2024, the amount you can contribute to super will increase. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions.  

If you know you will have a capital gains tax liability in a particular year, you may be able to use ‘catch up’ contributions to make a larger than usual contribution and use the tax deduction to help offset your capital gain tax bill. But, this strategy will only work if you meet the eligibility criteria to make catch up contributions and you lodge a Notice of intent to claim or vary a deduction for personal super contributions, with your super fund.

Unlock the basics of superannuation here.  


Boost your super from July 1, 2024. Seek advice for your best options in understanding your super contributions.


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