Superannuation rates and thresholds for 2023-24

In accordance with Subdiv 960-M of the ITAA 1997, the Australian Bureau of Statistics has calculated the following superannuation rates and thresholds for 2023-24:

CONTRIBUTIONS CAPS: 

• The concessional contributions cap is unchanged at $27,500 for 2023-24.
• The non-concessional contributions cap is also unchanged at $110,000 (or $330,000 under the bring-forward rule).
• The CGT cap amount for non-concessional contributions is $1.705m for 2023-24 (up from $1.650m).

SUPER GUARANTEE: 

The “maximum contribution base” is $62,270 per quarter for 2023-24.

CO-CONTRIBUTIONS: 

“lower income threshold” is $43,445 for 2023-24; “higher income threshold” is $58,445.

SUPER BENEFITS: 

The following indexed thresholds apply for 2023-24:

• lump sum low rate cap – $235,000 (up from $230,000); untaxed plan cap – $1.705m (up from $1.650m);
• ETP cap amount – $235,000 (up from $230,000);
• Genuine redundancy and early retirement payments – tax-free amounts: base amount – $11,985 (up from $11,591); service amount – $5,994 (up from $5,797).

PENSION CAPS: 

• The general transfer balance cap, which is indexed to CPI, is set to increase from $1.7m to $1.9m on 1 July 2023.
• The “total superannuation balance” threshold for making non-concessional contributions will also increase to $1.9m for 2023-24.