The key super rates and thresholds for the 2023—24 financial year are outlined below:

 

Applies to

2022-23

2023-24

Super Guarantee (SG) rate

OTE salary

10.5%

11%

SG

Maximum SG contributions base salary (quarterly)

$60,220

$62,270

Concessional contributions cap

Employer contributions including salary sacrifice (and NTC for defined benefits)

$27,500

$27,500

Division 293 tax threshold

High-income earners

$250,000

$250,000

Non-concessional contributions cap

Personal after-tax contributions

$110,000

$110,000

Non-concessional contributions bring-forward cap

If eligible, the ‘bring-forward’ arrangement allows you to bring forward the equivalent of 1 or 2 years of your annual cap from future years

$330,000

$330,000

Transfer balance cap1

Lifetime cap for superannuation balance that can be transferred into a tax-free pension

$1,700,000

$1,900,000

Low rate cap on lump sum super payments2

The amount of the taxable component of a super lump sum benefit that you can receive at a lower (or nil) tax rate. Applies to members who have reached preservation age but are under 60.

$230,000

$235,000

Government co-contributions

Maximum co-contribution

$500

$500

Matching rate

50%

50%

Lower-income threshold

$42,016

$43,445

Higher-income threshold

$57,016

$58,445

Minimum annual withdrawal percentages for Retirement Income  by age³

2022/232023/24

Under 65

2%

65-74

2.5%

75-79

3%

80-84

3.5%

85-89

4.5%

90-94

5.5%

95 or more

7%

¹ Individuals who have already transferred some of their super into a pension account the transfer balance cap will be between $1.6 million and $1.7 million and then the ATO calculates the cap for them. 

² The low tax rate cap is reduced by any amount previously applied to the low rate threshold. 

³ From 1 July 2023, the temporary reduction in superannuation minimum drawdown ends, and the government’s standard minimum drawdown rates will apply for the 2023/24 financial year.

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