• Skip to content
  • Skip to navigation

Grant Thornton Australia

Grant Thornton uses cookies to monitor the performance of this website and improve user experience.

If you are happy to accept cookies from this site, please check the box.

To find out more about cookies, what they are and how we use them, please see our privacy notice, which also provides information on how to delete cookies from your hard drive.

How to be COVIDSafe when visiting Grant Thornton offices. Find out how

Global site
  • Global site
Grant Thorton Logo

Grant Thornton Logo Grant Thornton Logo

Contact us
  • Insights
  • Services
  • Industries
  • Meet our people
  • Careers
  • News centre
  • Locations
  • About us
  • Audit
  • Tax
  • Risk
  • Forensics
  • Deals
  • Finance and funding
  • Insolvency
  • Restructuring and turnaround
  • Business services
  • Consulting

  • Market services
  • Asia
  • Indigenous advisory
Audit Home
  • Compliance audits & reviews
  • Audit quality
  • Financial reporting advisory
  • Audit advisory
Tax Home
  • Corporate tax & advisory
  • Private business tax & advisory
  • Tax compliance
  • Employment tax
  • International tax
  • GST, stamp duty & indirect tax
  • Tax law
  • Research and development & government incentives
  • Data transformation and analytics
  • Corporate simplification
Risk Home
  • Payroll assurance
  • Cyber resilience
  • Internal audit
  • Financial crime
  • Consumer Data Right
  • Risk management
  • Controls assurance
  • Governance
  • Regulatory compliance
Forensics Home
  • Forensic accounting and dispute advisory
  • Investigations
  • Digital forensics
  • eDiscovery
Deals Home
  • Mergers and acquisitions
  • Acquisition search & strategy
  • Divestments
  • Operation deal services
  • Transaction advisory
  • Business valuations
  • Tax in mergers & acquisition
Finance and funding Home
  • Corporate finance
  • Debt advisory
  • Working capital optimisation
  • Capital markets
  • Capital raising
  • Private equity
  • Financial modelling
  • Payments advisory
Insolvency Home
  • Voluntary administration & DOCA
  • Corporate insolvency & liquidation
  • Complex and international insolvency
  • Safe Harbour advisory
  • Bankruptcy and personal insolvency
  • Creditor advisory services
  • Small business restructuring process
Restructuring and turnaround Home
  • Independent business reviews
  • Commercial performance
  • Safe Harbour advisory
  • Corporate simplification
  • Director advisory services
  • Debt advisory
Business services Home
  • Business planning & strategy
  • Private business company secretarial services
  • Outsourced accounting services
  • Superannuation and SMSF
  • Management reporting
  • Financial reporting
  • Forecasting & budgeting
  • ATO audit support
  • Family business consulting
  • Private business taxation and structuring
  • Outsourced CFO services
Consulting Home
  • Management consulting
  • Technology consulting
  • Financial consulting
Asia Home
  • China
  • India
  • Japan
  • Case study: Restructuring solutions
  • Agribusiness, food & beverage
  • Automotive dealers
  • Education
  • Energy & resources
  • Financial services
  • Health & aged care
  • Life sciences
  • Manufacturing
  • Not for Profit
  • Professional services
  • Public sector
  • Real estate & construction
  • Retail & consumer products
  • Technology & media
Agribusiness, food & beverage Home
Bite Size Dealtracker Food, Beverage & Agribusiness industry insights
Key insights for the Australian Food, Beverage & Agribusiness industry.
Financial services Home
  • Banking
  • Fintech
  • Private Health Insurance
  • Superannuation
  • Asset management
  • BEAR FAQs
  • Open banking
Royal Commission wrap up Top 10 things for Financial Services providers
Eleven months on from the first round of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne’s final report has been released.
Health & aged care Home
Aged Care Royal Commission Perspectives on the Future of Ageing
Transitions in ageing are not consistent and systematic as they are described by our ageing systems. Sometimes they are incremental, sometimes accidental, sometimes monumental, and they are always personal. We can create something better.
Life sciences Home
Biotechnology Industry Position survey Australia's biotechnology industry drives economic growth
The 2019 Biotechnology Industry Position survey conducted by Ausbiotech and supported by Grant Thornton has revealed that new technologies across regenerative medicine and medicinal cannabis are disrupting the industry, and Australia's global strength in clinical trials continues to drive contributions to the economic and social fabric of the country.
Manufacturing Home
mid-sized business report Manufacturing is critical to our economy – how can we support the sector?
Although the knock-on effects of the Australian automotive industry exiting our country are yet to be fully understood, the industry is evolving, and manufacturing continues to be a major employer and critical to our overall economy.
Not for Profit Home
NATIONAL OUTCOMES MEASUREMENT PROGRAM A practical framework
Royal Commissions and federal budgets are critical things for Nonprofit human service providers to be thinking about at this point in time.
Real estate & construction Home
mid-sized business report Supporting affordable housing requires planning, certainty – and tax reform
There is a lot of noise around the property sector at the moment – and it’s not all positive. Prices are down – but this shouldn’t be a surprise when some markets (namely Sydney & Melbourne) saw unprecedented hikes in recent years.
Retail & consumer products Home
GNC Group Consulting The Technology Trap: Online innovation in retail
I recently attended the NRF Retail Big Show in New York, an overwhelming smorgasbord of retail technology and new store concepts.
Technology & media Home
  • Telecommunications
Scaling-up for Growth From start-up to scale-up
Navigating the complexities of growth and maintaining previous success is a challenge for all mid-size businesses.
  • Working at Grant Thornton
  • Student opportunities
  • Experienced careers
  • Contact us
Working at Grant Thornton Home
  • Flexibility
  • Your career and development
  • Diversity and inclusion
  • In the community
  • What we offer you
Student opportunities Home
  • Graduates
  • Vacationer Program
  • The application process
  • FAQs
  • Student application tips and tricks
  • Positions available
Experienced careers Home
  • Client spotlight
  • Positions available
  1. Grant Thornton Australia | Audit, Tax and Advisory
  2. Client alerts
  3. 2021
  4. Superannuation contribution caps

Contribution caps increase from 1 July 2021

05 Mar 2021
  • Superannuation contribution caps

There is more good news for everyone looking to grow their superannuation balance. In addition to the general transfer balance cap increasing from $1.6 million to $1.7 million, the concessional and non-concessional contribution caps are also set to increase from 1 July 2021.

The concessional contribution cap will increase from $25,000 to $27,500 from 1 July 2021. The non-concessional cap (calculated at 4 times the concessional cap) will increase from $100,000 to $110,000. The increase in the caps will allow additional funds to be deposited into a concessionally taxed environment and further grow superannuation benefits.

 The concessional contribution cap is indexed to average weekly ordinary time earnings (AWOTE), in increments of $2,500. December 2020 quarter results released Thursday 25 February 2021, set the increase for the next financial year.

How does this impact the bring-forward rule?

Under the bring-forward rule, individuals who are under 65 at the start of the year can ‘bring-forward’ 3 years’ worth of the non-concessional contribution cap. This will increase from $300,000 to $330,000 from 1 July 2021. However, individuals who have already triggered the bring-forward rule cannot make extra non-concessional contributions and are limited to the $300,000 cap until their bring-forward period expires.

We note, still awaiting royal assent is the proposed extension of the bring-forward rule to individuals who are under 67 years of age. The effective date if it does become law will be 1 July 2020.

With the increase in both the transfer balance cap and concessional contribution cap, it is important individuals review and update their current superannuation strategies as soon as possible.

Please contact our superannuation team, or your relationship partner who can assist in optimising your superannuation strategy.

For more information, please contact:

Dennis Eagles
Dennis Eagles
Partner & National Head of Superannuation Brisbane
Email address https://au.linkedin.com/pub/dennis-eagles/6/324/940 Dennis Eagles VCard
View full profile
Share this page
  • Share this page on Facebook LinkedIn
  • Share this page on Twitter Twitter
  • Share this page on LinkedIn LinkedIn
  • Share this page on Wechat WeChat
  • Share this page via email Email
  • Grant Thornton on Youtube
  • LinkedIn icon
  • Twitter icon
  • Facebook icon
Connectclose
  • Contact us
  • Locations
  • Meet our people
  • Subscribe
  • Staff portal
Aboutclose
  • About us
  • Careers
  • News centre
  • Client alerts
  • Grant Thornton Foundation
  • Grant Thornton Affinity
Legalclose
  • Privacy
  • Compliance and ethics
  • Disclaimer
  • Site map

© 2021 Grant Thornton Australia Limited – All rights reserved

    • EN
    • Contact us