As we continue through 2021 and into the new financial year 21-22, there’s never been a better time to check in on your super account, and make sure you’re across some of the new updates and changes.
Concessional & non-concessional cap
Concessional and non-concessional caps have increased from 1 July 2021. The new financial year brings an increased threshold to the concessional cap, which will now sit at $27,500 (a $2,500 increase). This is in addition to any unused concessional cap amounts accrued since 1 July 2018 if applicable. The non-concessional cap has increased to $110,000 (a $10,000 increase), and the cut-off age for being able to bring forward up to three years’ worth of non-concessional contributions in a single year (if eligible) has increased from 65 to 67 years.
Super Guarantee Increase
As of the 1 July 2021, there has been an increase in the Super Guarantee (SG) to 10%. This applies to most employees earning over the current threshold of $450 per month. This is a 0.5% increase from the current 9.5%, and is a part of the Super Guarantee increase which is set to progressively rise to 12% by 2025.
If you have any questions about navigating any of the new financial year updates reach out to the friendly team at Energy Super on 1300 436 374 – we’re here to help!