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.