July 2024 Superannuation Changes

Matt Richardson • March 27, 2024

There are a number of changes happening on 1 July 2024 to various superannuation thresholds.  Some of the important changes include the following:

1.Standard Concessional Contribution Cap – $30,000 (increase from $27,500).

2. Standard Non-Concessional Contribution (NCC) Cap – $120,000 (increase from $110,000).

3. Non-Concessional Bring Forward Caps – refer to table below:

Total Super Balance at 30 June 2024 Available NCC Cap in 2024-25 Maximum NCC Cap Available
Less than $1.66m $360,000 3 years
$1.66m to < $1.78m $240,000 2 years
$1.78m to < $1.90m $120,000 1 year
$1.90m or higher NIL N/A

4. General Transfer Balance Cap – $1,900,000 (no change).  This is the lifetime maximum amount which can be used to commence an Account Based Pension.

5. Government Co-contribution Lower Threshold – $45,400 (increase from $43,445) Government Co-contribution Upper Threshold – $60,400 (increase from $58,445)

6. Superannuation Guarantee Rate will change to 11.5% (increase from 11.0%).

Another change currently being debated in Parliament is the proposed $3.0m super tax (Division 296 tax).  This is the Government’s proposal to apply a tax of 15% on the portion of earnings on superannuation balances over $3.0m.  This tax will first apply on superannuation balances measured on 30 June 2026.

There is little doubt this measure will be adopted.  The only grey area currently is the definition of earnings, which includes movements in account balances from year to year.  For taxpayers with Self-Managed Superannuation Funds (SMSFs), “earnings” will also include unrealised capital gains and movement in asset values.

The SMSF Association has identified this disastrous and unfair consequence of the legislation.  They are lobbying strongly with politicians and crossbenchers in an attempt to get the legislation amended to only apply a “notional” earnings rate, such as a bank bill rate. 

If you have any queries on how these superannuation changes impact you – please contact us.

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