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You could save 10% more into your super from 1 July

May 12th, 2021


From 1 July the amount you can contribute to your super will increase by 10%. 

That’s because the Government is lifting the contribution cap limits on concessional (before-tax) and non-concessional (after-tax) contributions. 

Here are the new caps, effective 1 July this year. 

Financial year (FY)  2020/21 (current FY) 2021/22 (next FY)
Concessional (before-tax) contribution cap  $25,000 $27,500
Non-concessional (after-tax) contribution cap   $100,000 $110,000

What does this mean for you? 

You can now contribute more to your super account without worrying about paying an excess contribution charge to the ATO. 

Making concessional and non-concessional contributions to super can help your balance grow faster, putting you on track for more income in retirement. The earlier you start contributing, the longer your super has to grow from compounding interest, so even small amounts can make a surprisingly big difference! 

Contributing extra is flexible, with options to top up your super through your employer or from your bank account. Visit “Grow My Super” to see the many ways you can contribute.  

What else do you need to know?

The contribution caps re-set each financial year, so you’ll start from $0 at 1 July 2021 and can contribute as much as you want (or your circumstances allow) up to the new limits.   

Remember, your employer’s super guarantee contributions count towards your concessional cap, so anything else you contribute before tax will be added on top. 

The caps apply to ALL your super accounts collectively. So if you receive money to more than one super account, you may max out your limitsooner. 

Contribution cap loopholes

There are ways to contribute more to super in a single financial year, which could be useful if you’ve had a windfall or you’re trying to contribute as much super as possible in the lead-up to retirement. Read about the carry-forward rule and the bring-forward rule.  

We’re here to help

If you have any questions about the changing contribution caps, please call our Member Services Team on 1300 360 988 or email us.