Superannuation in Geelong, what you need to know

Navigating superannuation in Geelong can be complex, but it’s crucial for securing your financial future. At CD&G Accountants, we strive to make this process easier for our clients. This blog will delve into upcoming changes to superannuation contributions and how they might impact you.

Changes to concessional and non-concessional contributions caps from 1 July 2024

From 1 July 2024, significant changes to the concessional and non-concessional contribution caps will take effect. These changes are designed to allow individuals to contribute more towards their superannuation, enhancing their retirement savings.

Concessional contributions cap

The annual concessional contributions cap will increase from $27,500 to $30,000. Concessional contributions include:

• Employer mandated super guarantee contributions
• Salary sacrifice contributions
• Personal contributions claimed as a tax deduction

Increasing the cap provides more flexibility for employees and self-employed individuals to maximise their super contributions and take advantage of the tax benefits associated with concessional contributions. This change can be particularly beneficial for those looking to boost their retirement savings in the years leading up to retirement.

Non-concessional contributions cap

The annual non-concessional contributions cap will rise from $110,000 to $120,000. Additionally, individuals under 75 can bring forward three years’ worth of contributions, allowing up to $360,000 in a single year. However, those who triggered the bring-forward arrangement before 30 June 2024 will still be subject to the previous cap of $330,000 ($110,000 per annum).

The increase in the non-concessional cap provides a significant opportunity for individuals to make larger, after-tax contributions to their superannuation. This is particularly useful for those who have received a windfall or are looking to make substantial contributions in preparation for retirement.

Benefits of the new caps

These increased caps provide a greater opportunity for individuals to boost their superannuation savings. By understanding these changes, you can make informed decisions about your contributions, potentially maximising your tax benefits and retirement fund. Contributing more to your superannuation can result in a more comfortable and secure retirement, providing peace of mind and financial stability.

At CD&G Accountants, we specialise in helping our clients navigate the complexities of superannuation. Our experienced team can provide personalized advice tailored to your financial situation and goals. Whether you’re looking to optimize your concessional contributions or take advantage of the bring-forward rule, we’re here to guide you every step of the way.

How we can help you with your superannuation in Geelong

Our team stays updated on the latest changes in superannuation regulations, ensuring that you receive the most accurate and relevant advice. We can help you develop a comprehensive superannuation strategy that aligns with your long-term financial goals, taking into account your unique circumstances and retirement objectives.

For more information on how these changes might affect you or to discuss your superannuation strategy, contact CD&G Accountants today. Our friendly team in Geelong is ready to assist you in maximising your retirement savings. Whether you need help with understanding the new contribution caps or want to explore the best ways to grow your superannuation, we are here to provide expert guidance and support.