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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