Carry forward concessional contributions for a first time fund member.

 Author: Bruce4Tax(Taxicorn)Taxicorn

ATO Certified Response15 Apr 2021

I am 67 & have had no super as I was self employed. I have just become a member of a super fund & intend to make a $25000 concessional contribution this year. I pass the work test for this year. I would like to use the carry forward provissions & make thurther CCs bassed on unused proir year caps, but am uncertain if I can do so as I have not been a fond member untill now. My situation fits the concept of "catch up" super contributions but I want to make sure I am allowed to do so. Can anyone clarify this for me ple3ase?

Sounds like you are eligible to contribute up to $ 75 K in 2020-21, but not tax effective to contribute an amount that would reduce your taxable income to below around $ 22 K.

Best to talk to your fund about the documentation that you will need to do.