Hi! I can see on MyGov that I am eligible for this, however I am confused as to how I nominate for this. I would like to leverage this to contribute a significant amount of $ into my super but i'm not clear how to achieve this. Is there a form that we need to submit or something? Does this go through my super fund vs. ATO?
Hi @beccoll777
There is no form to notify the ATO, unused concessional cap amounts are applied automatically once you exceed the cap in any year.
The oldest available unused cap amounts are carried forward first. For example, unused cap amounts from 2018–19 would be used to increase your cap first before unused cap amounts from 2019–20.
Therefore, In order to use the 2018/19 cap in the current year, you will need to make a concessional contribution higher than $27,500.
Toby
Hi @beccoll777
There is no form to notify the ATO, unused concessional cap amounts are applied automatically once you exceed the cap in any year.
The oldest available unused cap amounts are carried forward first. For example, unused cap amounts from 2018–19 would be used to increase your cap first before unused cap amounts from 2019–20.
Therefore, In order to use the 2018/19 cap in the current year, you will need to make a concessional contribution higher than $27,500.
Toby
Hi Toby,
This is very helpful.
I'm wondering if you can advise the tax rate on carry forward concessional contributions, is it 15%?
Also, does the excess concessional contribution charge only come into effect once both the annual concessional contribution cap is reached AND there is no carry forward unused contribution cap remaining?
I'm about to receive a substantial payment from my employer of all my leave and long service balances so want to make sure i have the tax percentages correct before i utilise the above.
Thanks so much.
Hi @AMHAMH
Jumping in on this thread!
Going to break this down in the way you've asked 💪
Concessional contributions are taxed in your super fund at the rate of 15% which is payable by the fund.
The excess concessional contribution charge applies to the additional income tax liability that comes from including excess concessional contributions in your income tax return as taxable income. So yes, it only comes in once you've exceeded the threshold of concessional contributions.
You simply make those contributions through your super fund just like you would have done in the past, its that simple. There is no need to notify or do anything through the ATO.
You just need to keep in mind what the caps are for the type of contribution that you are making, that is concessional contributions caps vs non-concessional contributions caps.
Here is something for you to consider, if your looking at making non-concessional contributions, you can contribute up the yearly cap of $110,000 in this current 2023 financial year without triggering the bring forward rule.
Then from the start of the next financial year (on or after 1 July 2024) you can make use of the carry forward rules and make a total of $360,000 non-concessional contributions in one lump sum.
This will allow you to make a total of $470,000 non-concessional contributions in a short time period, and you will not have exceeded the non-concessional contributions caps.
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