From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.
The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000).
The new non-concessional (i.e., non-deductible) contributions cap for the 2022 financial year is now $110,000 or (where the ‘bring forward’ rules are applicable) $330,000 over three years (increased from $100,000 or $300,000 respectively).
The CGT cap amount for the 2022 financial year is now $1,615,000 (increased from $1,565,000).
Editor: The increase in the concessional contributions cap in particular will require those salary sacrificing additional superannuation to consider if they wish to increase their packaging arrangements so as to maximise the $2,500 increase in the cap.
Ref: ATO website, Key superannuation rates and thresholds: contributions caps, updated 6 July 2021
If you have any questions whether these measures impact on you or if you can benefit from them, just contact us for a FREE Financial Health Check to get peace of mind.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.