The IFPA have announced that the government will keep Super contribution caps unchanged for the 2023/24 financial year.
Since the average weekly ordinary time earnings (AWOTE) figure for the December 2022 quarter was unable to meet the required threshold for indexing, the concessional cap will remain unchanged at $27,500 in 2023/23. As a result, the non-concessional contributions (NCC) cap for 2023/24 will also remain unchanged at $110,000, which is four times the concessional cap.
With the general transfer balance cap set to increase to $1.9 million on 1 July, 2023, this means the NCC bring forward the thresholds for 2023/24 are as follows:
| Total super balance on 30 June 2023 | Maximum NCC cap | Bring forward period |
| Less than $1.68m | $330,000 | 3 years |
| $1.68m but less than $1.79m | $220,000 | 2 years |
| $1.79m but less than $1.9m | $110,000 | Nil |
| $1.9m or more | Nil | Nil |
For more information about this measure click here.