See what’s changing in super on
1 July 2024

From 1 July 2024, the amount of concessional (before-tax) contributions you can make to your super each year will increase from $27,500 to $30,000.

Concessional (before-tax) contributions are those paid to your super fund from your pre-tax salary (salary sacrifice) and Superannuation Guarantee (SG) contributions made by your employer(s).

You can also claim a tax deduction for your voluntary after-tax contributions. To do so, you'll need to complete and send us a notice of intent form. Eligibility rules apply - visit the ATO website for details.  

The carry-forward rule for concessional contributions 

You may be able to carry forward any unused cap amounts from previous years if your total super balance was less than $500,000 on 30 June of the previous financial year. This is called the ‘carry-forward’ rule, and it allows you to take advantage of unused cap amounts on a rolling five-year basis.

This means that 30 June 2024 is your last chance to carry forward any unused portion of the 2018–19 financial year concessional contributions cap (which was $25,000).  

From 1 July 2024, the amount of non-concessional (after-tax) contributions you can make to your super each year will increase from $110,000 to $120,000. 

Non-concessional (after-tax) contributions are those paid to your super fund from your after-tax salary or other money.

The bring-forward rule for non-concessional contributions

The change to the non-concessional contributions cap will also affect the ‘bring-forward’ rule, which will increase from $330,000 up to $360,000 depending on your super balance.

The bring-forward rule allows you to bring forward the equivalent of one or two years of your annual cap from future years.

This means you may be able to take advantage of future caps and make up to $360,000 of non-concessional (after-tax) contributions in one year, rather than $120,000 each year. To be eligible, you have to be under 75 and have less than $1.9 million in super. 

Visit our voluntary contributions page for more information about contribution types, limits and the bring-forward rule. You can also read our 2-minute article about how making voluntary contributions could help you save on tax.