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Re: Superannuation Caps -

Newbie

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I retired mid year and drewdown $300k to set up new account based pension for remainder of  2018-2019 year

also Contibuted Approx $25k for concessional that year with original employer (also  made $17.6k contibution with notice of intent to make up the 25K concessional cap)

Then unexpectedly in the same Same year was offerd a  p.5osition at another workplace, and they had to pay the compulsory SGC - which was approx Approx 4K for remainde for remainder of 18-19 year.

Understandibly Got a tax reassessmrent for the 4K over the 25k cap for 19-20.

Was ondering,  I am still working with new employer for 2020-2021, who is still contibuting SGC to my new SGC Super account.

I will only get approx $9.0k paid into SGC for this year 2020-21

question is......... 

Can i lodge another $15k with a "notice of intent" to lodge as concessional to make up to the cap of $25k for 2020-2021 year

OR is $300k cap the limit on ALL super contributuons ?

and if so am i going to get an excess tax reassessment from ATO  for the $9.5K because i have gone over $300k

Or $25K if i lodge the additional $15k to make the $9k up to $25K

 

Hope this makes sense - im confused Smiley Happy

 

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Most helpful response

Community Moderator

Replies 1

Hi @RodT57

 

We've had another look at your question and have some more information for you.

 

Can I claim a $15,000 personal contribution deduction for 2020-21?

 

You can if you meet all the personal contribution deduction requirements. Providing your super fund with a notice of intent is only one of the requirements. You also need to make a personal contribution of at least $15,000 in 2020-21.

 

Does my $300,000 cap limit what I can contribute?

 

We assume you're referring to the non-concessional contribution bring-forward arrangement. Taking advantage of this doesn't impact your 2020-21 concessional contributions.

 

Will exceeding the 2019-20 concessional cap impact my 2020-21 concessional contributions?

 

No. Your 2020-21 concessional contributions cap isn't reduced because you exceeded the 2019-20 cap.

 

Will I exceed the 2020-21 concessional contributions cap?

 

It doesn't sound like it. You expect your employer contributions to be around $9,000. The 2020-21 concessional contributions cap is $25,000. When you add $15,000 and $9,000, you get $24,000.

 

For more information. refer to the following:

 

Claiming deductions for personal super contributions

Concessional contributions and contribution caps

Bring-forward arrangements

3 REPLIES 3

ATO Community Support

Replies 0

Hi @RodT57

 

As you have rightfully identified, the superannuation laws are quite complex and often confusing for most people.

There are a lot of variable unknown in your specific case which prevents me from providing you with any detailed advice.

Given that you are still working while drawing a super pension I'm simply going to suggest you seek professional advice about what your best options are.

 

You can read more about the super contribution caps on our web site here.

 

RichATO

 

Most helpful response

Community Moderator

Replies 1

Hi @RodT57

 

We've had another look at your question and have some more information for you.

 

Can I claim a $15,000 personal contribution deduction for 2020-21?

 

You can if you meet all the personal contribution deduction requirements. Providing your super fund with a notice of intent is only one of the requirements. You also need to make a personal contribution of at least $15,000 in 2020-21.

 

Does my $300,000 cap limit what I can contribute?

 

We assume you're referring to the non-concessional contribution bring-forward arrangement. Taking advantage of this doesn't impact your 2020-21 concessional contributions.

 

Will exceeding the 2019-20 concessional cap impact my 2020-21 concessional contributions?

 

No. Your 2020-21 concessional contributions cap isn't reduced because you exceeded the 2019-20 cap.

 

Will I exceed the 2020-21 concessional contributions cap?

 

It doesn't sound like it. You expect your employer contributions to be around $9,000. The 2020-21 concessional contributions cap is $25,000. When you add $15,000 and $9,000, you get $24,000.

 

For more information. refer to the following:

 

Claiming deductions for personal super contributions

Concessional contributions and contribution caps

Bring-forward arrangements

Newbie

Replies 0

Thanks Chris for the prompt detailed answer - very much appreciated Smiley Happy