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.