Hello, I am not working and have not worked for two years and have no other income.
How can I make additional super contributions after tax from my savings without paying 15% contributions tax?
I cannot make use of any more carry forward arrangements as I have exhausted the cap here for the next three years. Effectively, I would like to utilise two years of $27,500 concessional contributions which I have not used because I have not been working.
If I understand your position correctly:
Effectively, I would like to utilise two years of $27,500 concessional contributions which I have not used because I have not been working
Then this contribution would be taxed 15% - but no corresponding tax deduction because there is no income to claim against.
You would be paying contribution tax $ 55000 x 15% = $ 8250 for no benefit other than getting money into a super fund.
If I understand your position correctly:
Effectively, I would like to utilise two years of $27,500 concessional contributions which I have not used because I have not been working
Then this contribution would be taxed 15% - but no corresponding tax deduction because there is no income to claim against.
You would be paying contribution tax $ 55000 x 15% = $ 8250 for no benefit other than getting money into a super fund.
Many Thx @Bruce4Tax. Your understanding is correct and have saved me from paying tax twice on the $55k.
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