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Stats & Facts

Tax
Super
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Superannuation Rates and Thresholds

Superannuation Guarantee (SG) Rate

 

Income year

SG Rate

2023/24

11.0%

 

Annual concessional contributions cap limit

 

Income year

Cap

2023/24

$27,500

Concessional contributions that exceed the cap, will be included in assessable income and taxed at the individual’s marginal tax rate less 15% tax already paid together with associated earnings.

 

Annual non-concessional contributions cap limit

 

Income year

Superannuation balance prior year < $1.9 million

Superannuation balance prior year > $1.9 million

2023/24

$110,000

Nil

Non-concessional contributions in excess of the non-concessional contributions cap can be withdrawn from super with any associated earnings. These earnings will be taxed at the individual’s marginal tax rate plus tax penalties.

 

Non-concessional contributions cap – bring forward rule

If you are under 75 years of age for at least one day of the financial year and your superannuation balance is no more than $1.68 million, you can bring forward two years’ worth of contributions. The following table shows the maximum you can bring forward when superannuation balances are above $1.68 million.

 

Total superannuation balance prior year

Maximum non-concessional contribution cap Bring-forward period

< $1.68 million

$330,000 3 years

$1.68 million < $1.79 million

$220,000 2 years

$1.79 million < $1.9 million

$110,000 Nil

$1.9 million +

Nil Nil

 

Maximum superannuation contribution base

 

Income year

Per quarter

Annualised

2023/24

$60,270

$241,080

 

Co-contribution income thresholds

 

Income year

Lower income threshold

Upper income threshold

2023/24

$43,445

$58,445

For the 2023/24 year, the co-contribution matching rate is 50% of the eligible non-concessional (after-tax) contributions that you make. The maximum co-contribution that you can receive is $500. It gradually phases out by 3.333 cents per dollar over the lower income threshold.

 

Minimum annual payments for account-based pension

 

Age

Minimum pension  

Temporary reduction*

55-64

4%

2%

65-74

5%

2.5%

75-79

6%

3%

80-84

7%

3.5%

85-89

9%

4.5%

90-94

11%

5.5%

95 or older

14%

7%

*Please note: The Government temporarily reduced the minimum drawdown requirements for account-based pensions and similar products by 50% for the 2019/20, 2020/21, 2021/22 and 2022/23 financial years. For the 2023–24 financial year, the 50% reduction in the minimum pension drawdown rate will no longer apply.

 

Low-rate cap amount for super lump sum payments

 

Income year

Cap

2023/24

$235,000

 

Capital Gains Tax (CGT) cap lifetime limit available to eligible small businesses on sale of active assets.

 

Income year

Cap

2023/24

$1.705 million

 

Tax-free part of genuine redundancy payments

 

Income year

Base limit

For each complete year of service

2023/24

$11,985

$5,994

 

Superannuation Contributions Tax

 

Income year

Concessional Contributions Tax Rate if income < $250,000

Concessional Contribution Tax Rate if income > $250,000

2023/24

15%

30%

 

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