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AU Legislation: Contribution caps effective from 01-July-2021
Hi Oracle Team,
ATO has stated that from 01-July-2021, there will be change in capping of concessional and non-concessional contribution.
Concessional cap: From 1 July 2021, the general concessional contributions cap is $27,500 for all individuals regardless of age.
Non concessional cap: From 1 July 2021, the non-concessional contributions cap will increase from $100,000 to $110,000. Members under 65 years of age may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year.
ATO link: https://www.ato.gov.au/Super/Self-managed-super-funds/Contributions-and-rollovers/Contribution-caps/
We have not received a patch regarding the above change. Will it be included in the Australia Statutory updates effective from July 2021?