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Payment of Super in wrong year

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Hi, my former company paid me no super during the financial year 2018/19, but did end up paying what was owed in a lump sum at the end of 2019.
But this means I have 2 years worth of super to be paid during 2019/20, and as a result I will go over the $25K threshold for the year, when I normally do not.
What is the implication of this and is there anyway I can have the lump sum attributed to the year in which I earned it.
Thanks
Steve
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Hi @Helpneeded

 

Thanks for your post.

 

If you know that your contributions will exceed the concessional contributions cap and you believe that it will be due to special circumstances, you can apply to have some or all of your contributions disregarded or allocated to another year.

 

For more information about disregarding or reallocating your contributions, have a look at our website.

 

Depending on your circumstances, it may not be necessary to submit this request. This is because you may be able to carry forward your unused concessional contributions cap space amounts.

 

You can find out more about carry-forward concessional contributions on our website. Check out the example.

 

If your 30 June 2019 balance was less than $500,000, your unused 2018-19 concessional cap will be carried forward to the 2019-20 year. If you had no concessional contributions during the 2018-19 year, your 2019-20 cap will effectively be $50,000.

 

Hope this helps.

 

Thanks,

 

ChrisR

1 REPLY 1

Most helpful response

ATO Certified Response

Community Support

Replies 0

Hi @Helpneeded

 

Thanks for your post.

 

If you know that your contributions will exceed the concessional contributions cap and you believe that it will be due to special circumstances, you can apply to have some or all of your contributions disregarded or allocated to another year.

 

For more information about disregarding or reallocating your contributions, have a look at our website.

 

Depending on your circumstances, it may not be necessary to submit this request. This is because you may be able to carry forward your unused concessional contributions cap space amounts.

 

You can find out more about carry-forward concessional contributions on our website. Check out the example.

 

If your 30 June 2019 balance was less than $500,000, your unused 2018-19 concessional cap will be carried forward to the 2019-20 year. If you had no concessional contributions during the 2018-19 year, your 2019-20 cap will effectively be $50,000.

 

Hope this helps.

 

Thanks,

 

ChrisR