Concessional Super contributions

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(Newbie)Newbie

4 Dec 2021

I have heard that I can contribute up to $25k (now $27.5) to super each year concessionally. Apparently there is a rule that allows me to catch up my contributions for the last 5 years i.e. The max concessional contribution for 5 years would be $125k. If I have only contributed say $80k then I can make a further $45k. Is this correct. If I make say $45k extra this year does it come off this yearâ€™s taxable income?

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Bruce4Tax

(Taxicorn)Taxicorn

ATO Certified Response

4 Dec 2021

Yes, subject to conditions. 1. Total super balance at year start under $ 500 K. 2. 2022 is only year 4 from the start, so max conc contribution (CC) for 2021-22 is $ 102,500 less CC since 01/07/2018.

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Bruce4Tax

(Taxicorn)Taxicorn

ATO Certified Response

4 Dec 2021

Yes, subject to conditions. 1. Total super balance at year start under $ 500 K. 2. 2022 is only year 4 from the start, so max conc contribution (CC) for 2021-22 is $ 102,500 less CC since 01/07/2018.

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uncertainowner

(Initiate)Initiate

23 May 2022

If in the current FY you have met your $27,500 limit can you still pay your carry-forward concessional contributions via pre-tax salary?

Or do your carry forward contributions have to be post tax pay/voluntary?

thanks

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Concessional Super contributions

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