Are carry forward concessional contributions automatically applied?

(Newbie)Newbie

10 Apr 2024

I hope this is a straightforward answer...and it appears to be from reading the relevant ATO articles...but I have been given conflicting / confusing answers by customer service agents at my Super fund.

I will exceed the concessional cap this FY due to salary sacrifice contributions...I will likely end 2023/4 with about $30,000 in employer and salary sacrifice contributions.

I have about $30k in carry-forward of unused cap available...more than half in year 2018/9.

I would also like to make a one-off contribution from carry-forward...about $15k, to offset income from elsewhere that tax has not already been deducted from (and will be taxed at a rate far higher than 15%).

My questions:

Will carry forward automatically be applied once I exceed this FY's contribution cap?
Will excess contributions continue to have tax deducted at 15%? Or, will a different rate apply and this would be reconciled at tax return time?
For the personal contribution...it appears I have to first make the contribution, THEN fill out the notice of intent to claim a tax deduction form. Again, would the tax treatment be the same as above?

Thanks for any guidance!

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Bruce4Tax

(Taxicorn)Taxicorn

11 Apr 2024

Will carry forward automatically be applied once I exceed this FY's contribution cap?

Yes

Will excess contributions continue to have tax deducted at 15%? Or, will a different rate apply and this would be reconciled at tax return time?

15% in super fund, then a personal excess CC assessment will issue later

For the personal contribution...it appears I have to first make the contribution, THEN fill out the notice of intent to claim a tax deduction form. Again, would the tax treatment be the same as above?

Yes

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Most helpful reply

Bruce4Tax

(Taxicorn)Taxicorn

11 Apr 2024

Will carry forward automatically be applied once I exceed this FY's contribution cap?

Yes

Will excess contributions continue to have tax deducted at 15%? Or, will a different rate apply and this would be reconciled at tax return time?

15% in super fund, then a personal excess CC assessment will issue later

For the personal contribution...it appears I have to first make the contribution, THEN fill out the notice of intent to claim a tax deduction form. Again, would the tax treatment be the same as above?

Yes

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