Higher total superannuation balance cap

An increase in the total super balance (TSB) from $1.7 million to $1.9 million is the biggest change for strategic super savers from July 1. 

Made up of a fund member’s balance across both the retirement and accumulation phases, the Australian Taxation Office uses this to determine eligibility for a slew of superannuation measures.

This biggest is your ability to bring forward concessional contributions and to catch up on unused non-concessional top-ups (both subject to caps). Advisers say super savers should be looking at whether they can maximise this.

Anyone under the $1.9 million TSB is allowed to put $110,000 annually into their super as a non-concessional contribution, on top of the $27,500 (including compulsory super) they can invest pre-tax.

An increase in the total super balance (TSB) from $1.7 million to $1.9 million is the biggest change for strategic super savers from July 1. Made up of a fund member’s balance across both the retirement and accumulation phases, the Australian Taxation Office uses this to determine eligibility for a slew of superannuation measures.

This biggest is your ability to bring forward concessional contributions and to catch up on unused non-concessional top-ups (both subject to caps). Advisers say super savers should be looking at whether they can maximise this.

Anyone under the $1.9 million TSB is allowed to put $110,000 annually into their super as a non-concessional contribution, on top of the $27,500 (including compulsory super) they can invest pre-tax.