Superannuation contributions must be paid before 30 June 2024
The concessional contributions cap for the 2024 financial year is $27,500.
The non-concessional contributions cap is $110,000 for the 2024 financial year. Until 30 June 2024, this will remain available to individuals between 67 and 74 years if their total superannuation balance is below $1.9m at the end of June of the previous financial year.
You may also consider triggering the bring-forward arrangement. This allows you to bring forward the equivalent of 1 or 2 years of your annual cap from future years. This means you can make contributions up to 2 or 3 times the annual cap amount in the first year of the bring- forward period. Any amount of the bring-forward cap unused in the first year can be used in the remaining 1 or 2 years.
Eligibility for the bring-forward arrangement depends on your age and total super balance.
Please contact us to discuss these contribution options for you.
Please ensure the superannuation fund receives your contribution before 30 June 2024. Contributions to an industry or retail superannuation fund should be paid before 21 June 2024 to ensure deductibility for the year ending 30 June 2024.
If you make personal concessional contributions using an online payment to Aware Super, UniSuper or Australian Super to ensure you receive a tax deduction for FY 2024, your cut off dates are:
Aware Super by 25 June 2024
UniSuper by 26 June 2024
Australian Super by 21 June 2024
If you are an employer, please check that you have paid 11% of your employee’s gross wages to their nominated superannuation fund.
If you are using the ATO Small Business Superannuation Clearing House (SBSCH), please ensure your contribution has been paid to the SBSCH before 30 June 2024.
If you have any questions, please contact us.