Hi everyone,
I'm struggling to get reliable information on how to determine the carry-forward concessional contributions available to me. My situation:
- Arrived in Australia in July 2020 as a permanent resident and tax resident
- Was not member of any super fund until February 2023, have not made any super contributions before that date
- The ATO web portal (myGov) is unable to display any carry-forward contributions prior to FY22/23, for earlier years it states "We currently have no concessional contributions information to display"
I've called the ATO and was told to ask my current super fund to provide the details for prior years to the ATO so they can work out the carry-forward contributions. However, the super fund insists they can't do anything as I wasn't a member of their fund prior to February 2023.
I've already made a $30k salary sacrifice this year assuming that I would have at least $75k carry-forward concessional contributions available to me. However, since I can't get any confirmation neither from the ATO nor the super fund, I'm hesitant to enter any further salary sacrifice agreements.
Could anyone please clarify who I need to contact to get a reliable answer (preferably in writing) on how large my actual carry-forward concessional contribution balance is?
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3 replies
Author: EdenATO(Community Support)Community Support 19 Mar 2024
Hello there @Helvetica
There's nothing there because you haven't made concessional contributions in those years. This table is meant to show you previous years contributions and what's left to carry forward.
This doesn't mean you won't be able to use previous years caps, but they won't show up until you've exceeded this year's cap. That could take time to show up.
When you lodge your tax, we'll auto apply the oldest available cap and carry that forward. Then use the next and the next.
It doesn't matter that you weren't a member until Feb 2023. All that matters is you:
- Had a total super balance less than $500,000 on Jun 30 2023
- Have unused concessional contributions amounts
You might find the following links helpful:
Unused concessional contributions cap to carry forward for 18-19
LCR 2016/12
Concessional contributions cap
Hi @EdenATO,
Thank you for your response, I'm relieved to learn that I will be able to use previous years' unused contribution caps even if they don't show up in the portal.
The ATO representative I had spoken to on the phone told me the ATO won't be able to determine the unused concessional contribution caps available to me unless the super fund provided this information to the ATO. However, considering that my super balance is far less than the totality of the concessional contribution caps for the 4 years I have been in Australia, I would imagine this to be a straightforward exercise.
Your third link above states that any unused caps dating no further back than 2018/2019 can be carried forward. Does this mean I would be able to carry forward unused caps dating back to 2018/2019 and 2019/2020 even though I only became a tax resident in July 2020?
Author: Deb_ATO(Community Support)Community Support 22 Mar 2024
Hi @Helvetica
Yep, you sure can. Starting back from 2018-2019, even when you weren't a member of the fund and not being a resident, as long as you meet the total super balance and have unused amounts left.
