SMSF Update Super contribution caps set to increase

Superannuation Update for 2022 financial year

Main changes are:

contribution cap is set to increase from $25,000 p.a. to $27,500 pa from 1 July 2021.
The non-concessional cap in 2021–22 will see the standard cap increased from $100,000 to $110,000 from this date.
In addition, 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.
it is also important to consider the $1.6 million non-concessional cap threshold is changing due to the indexation of the general transfer balance cap on 1 July 2021 to $1.7 million.