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Re: past year concessional contributions

Newbie

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Replies 3

A regular PAYG employee earning gross salary 202k; my employer contributions are 9.5%, I salary sacrifice a further 1800 to my super each month.

I've just discovered there is a cap on CCs.

 

Does the ATO automatically calculate tax liability and will they take into consideration my ability to claim past year CCs having made salary sacrifice?  

 

Or should I be making some declaration in order to claim past year CC entitlement?

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Most helpful response

Devotee Registered Tax Practitioner

Replies 2

Does the ATO automatically calculate tax liability and will they take into consideration my ability to claim past year CCs having made salary sacrifice?  

 

Yes.

 

Or should I be making some declaration in order to claim past year CC entitlement?

 

Only for personal CC being claimed as a tax deduction on your own tax return  -  not for salary sacrifice.

 

3 REPLIES 3

Most helpful response

Devotee Registered Tax Practitioner

Replies 2

Does the ATO automatically calculate tax liability and will they take into consideration my ability to claim past year CCs having made salary sacrifice?  

 

Yes.

 

Or should I be making some declaration in order to claim past year CC entitlement?

 

Only for personal CC being claimed as a tax deduction on your own tax return  -  not for salary sacrifice.

 

Newbie

Replies 1

that's very helpful, thank you.

will it be clear when my past year entitlements have been exhausted?

 

what happens then?  is it still tax effective to make CCs beyond the threshold?

Devotee Registered Tax Practitioner

Replies 0

will it be clear when my past year entitlements have been exhausted?

 

You can look at your super position on mygov, or ask your tax agent to look up your prior year carry forward on online services.

ATO will only have details up to last report by your fund.

 

https://www.ato.gov.au/individuals/super/growing-your-super/keeping-track-of-your-super/

 

what happens then?  is it still tax effective to make CCs beyond the threshold?

 

If you exceed your CC cap, then the extra is added to your personal income for that year.

ATO can give you a release so that the tax can be paid from the fund.

 

https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=4