{"id":1484,"date":"2023-02-27T05:17:07","date_gmt":"2023-02-27T05:17:07","guid":{"rendered":"https:\/\/actinvest.com.au\/?p=1484"},"modified":"2023-02-27T05:17:07","modified_gmt":"2023-02-27T05:17:07","slug":"contribution-caps-to-stay-the-same-for-2023-24-year","status":"publish","type":"post","link":"https:\/\/actinvest.com.au\/index.php\/contribution-caps-to-stay-the-same-for-2023-24-year\/","title":{"rendered":"Contribution caps to stay the same for 2023\u201324 year"},"content":{"rendered":"<p><strong>Concessional and non-concessional contribution caps are set to stay at $27,500 and $110,000 following the release of the AWOTE figure.<\/strong><\/p>\n<p><img loading=\"lazy\" alt=\"\" height=\"317\" src=\"https:\/\/acctweb.com.au\/images\/fp-caps-to-stay.jpg\" width=\"475\" \/><\/p>\n<p>.<\/p>\n<p>The concessional contributions cap is indexed in increments of $2,500 based on average weekly ordinary time earnings (AWOTE) figure for the December quarter.<\/p>\n<p>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.<\/p>\n<p>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\u201324 income year.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<div>\n<div>Miranda Brownlee<\/div>\n<\/div>\n<\/div>\n<div>\n<div>24 February 2023<\/div>\n<div>smsfadviser.com<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><strong>Concessional and non-concessional contribution caps are set to stay at $27,500 and $110,000 following the release of the AWOTE figure.<\/strong><\/p>\n","protected":false},"author":1,"featured_media":1485,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1484"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1484"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1484\/revisions"}],"predecessor-version":[{"id":1486,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1484\/revisions\/1486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1485"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}