Tax Tips

  CONTRIBUTION CAPS TO RISE FROM 1 JULY 2021

With the announcement of the AWOTE figure for the December 2020 quarter, the concessional contribution cap is set to increase from $25,000 p.a. to $27,500 p.a. from 1 July 2021. This change will also result in an increase of the non-concessional contribution cap from $100,000 to $110,000. Further, the maximum amount a member who was under 65 at the start of the year can contribute under the non-concessional contribution cap bring-forward rule is also set to increase from $300,000 to $330,000 from 1 July 2021.

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Disclaimer: These calculations are intended to provide indicative results only which do not constitute financial advice. This calculator does not include any applicable Medicare levy, Medicare levy surcharge, Higher Education Contribution Scheme (HECS), or Student Financial Supplement Scheme (SFSS) liabilities.

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