The non-concessional cap will also increase from $100,000 to $110,000 from 1 July 2021.
In addition, the maximum amount a member who is under 65 at 1 July 2021 can contribute under the non-concessional contribution cap bring-forward rule is also set to increase from $300,000 to $330,000.
Therefore, only members who are aged under 65 at the beginning of the financial year will be eligible to trigger the bring-forward rule.
For clients who have already triggered the bring-forward rule, they won’t be able to make extra non-concessional contributions due to the increased cap until their bring-forward period expires.
The $1.6 million general transfer balance cap is also increasing to $1.7 million from 1 July 2021.
Should you need more information, please give us a call at the office (08) 8431 1644.