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Contribution caps to stay the same for 2023–24 year

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Concessional and non-concessional contribution caps are set to stay at $27,500 and $110,000 following the release of the AWOTE figure.

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The concessional contributions cap is indexed in increments of $2,500 based on average weekly ordinary time earnings (AWOTE) figure for the December quarter.

The AWOTE figure released by the Australian Bureau of Statistics (ABS) on Thursday was not high enough for the contribution caps to index this year.

SMSF Alliance principal David Busoli said this means the concessional contribution cap of $27,500 and non-concessional cap of $110,000 will remain unchanged for the 2023–24 income year.

However, with the general transfer balance cap due to index to $1.9 million on 1 July, there will be a shift in the three year bring forward pivot points.

Currently, anyone with a total super balance of more than $1.7 million cannot make non-concessional contributions into super. From 1 July this year, this figure will increase to $1.9 million.

Indexation of the general TBC also means that those with a super balance of less than $1.68 million in super will be able to bring forward three years of non-concessional contributions. Currently only those with less than $1.48 million are able to use the maximum bring forward amount of $330,000, explained Mr Busoli.

 

 

 

Miranda Brownlee
24 February 2023
smsfadviser.com

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Louise Laing

Louise founded Salus Private Wealth to offer high quality personal advice to clients who want to work closely with an adviser for the long term. Her philosophy that understanding each individual and their motivations and needs is key to an enduring and successful financial planning relationship is at the heart of the business.

She first engaged the services of a financial adviser herself when she was in her early 20s (long before becoming one) and believes the non-judgemental support and education about her position and options provided at this early stage has allowed her to make confident decisions in different aspects of life since then.

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