Increases to super contribution caps announced

ATO/Jane-Hume/non-concessional-contribution/

1 April 2021
| By Chris Dastoor |
image
image
expand image

The Australian Taxation Office (ATO) has confirmed increases to concessional superannuation contributions from $25,000 to $27,500, as well as changes to non-concessional contributions and the transfer balance cap.

The changes were announced by the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume and would come into effect from 1 July, 2021.

“The annual non‑concessional contribution cap will also increase on 1 July 2021 from $100,000 to $110,000,” Hume said.

“The latest figures also show an indexed increase in the transfer balance cap from $1,600,000 to $1,700,000.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS