A number of existing super measures changed on 1 July 2021, including increases to the amount you can voluntarily contribute to super through either salary sacrifice or by making a non-concessional contribution. The non-concessional contributions age has also increased.
The key super rates and thresholds that increased for the 2021/22 financial year are as below:
The age at which you can utilise the non-concessional ‘bring-forward’ has increased to allow individuals under the age of 67 (as at 1 July in the relevant financial year) to make non-concessional contributions to super of up to $330,000 where all other eligibility criteria has been met.
Note, contributions made before 1 July 2021 will be assessed under the prior cap, and will still count towards the contribution cap post 1 July 2021. For eligibility requirements and more information visit ato.gov.au.
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