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Can I claim additional Superannuation Contributions made in the 2021 F/Y for earlier years.

Newbie

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If I was wanting to top up my Employer Superannuation Contributions for the 2019 and 2020 financial years as the total contributions for those years were well below the maximum claim of $25000. Am I able to claim a tax deduction in the 2021 financial year for the additional amounts I pay into my fund before 30/06/21.

For example (not actual figures):

2019 Employer Contributes $5,000, I contribute $20,000 before 30/06/21, making a total of $25,000

2020 Employer Contributes $5,500, I contribute $19,500 before 30/06/21, making a total of $25,000

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Most helpful response

ATO Community Support

Replies 0

Hi @JDB2515,

 

You can carry forward your concessional cap for up to 5years. Meaning you cannot back date your contribution for a particular financial year but rather add it to the current financial year.

 

Taking your example, you could contribute the remaining $20,000 (2019 financial year) and $19,500 (2020 financial year) plus your cap for 2021 financial year ($25,000).

 

You can find more information on this under Carry-forward unused concessional contributions.

 

If eligible you could then claim the a deduction for the total concessional contributions made in the 2021 financial year (including the carry-forward unused amounts).

 

The page linked by @KylieATO Claiming deductions for personal super contributions will provided you with further information on how to claim the deduction.

 

2 REPLIES 2

Community Moderator

Replies 1

Hi @JDB2515 

 

Have you checked you are eligible to claim the deduction?

Most helpful response

ATO Community Support

Replies 0

Hi @JDB2515,

 

You can carry forward your concessional cap for up to 5years. Meaning you cannot back date your contribution for a particular financial year but rather add it to the current financial year.

 

Taking your example, you could contribute the remaining $20,000 (2019 financial year) and $19,500 (2020 financial year) plus your cap for 2021 financial year ($25,000).

 

You can find more information on this under Carry-forward unused concessional contributions.

 

If eligible you could then claim the a deduction for the total concessional contributions made in the 2021 financial year (including the carry-forward unused amounts).

 

The page linked by @KylieATO Claiming deductions for personal super contributions will provided you with further information on how to claim the deduction.