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Super contributions - carry forward

I'm new

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Replies 2

Team,

Does the super contribution carry forward have to be done before tax?

Thanks for your help

Jorge100

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Most helpful response

ATO Community Support

Replies 0

Hi @Jorge100,

 

If you are wanting to carry forward your super contributions into the next financial year the website advises - Carry-forward concessional contributions - You are able to carry forward your unused concessional contributions cap space amounts from 1 July 2018. The first year in which you can increase your concessional contributions cap by the amount of unused cap is 2019–20, but only if you have a total superannuation balance of less than $500,000 at the end of 30 June in the previous year. Unused amounts are available for a maximum of five years, and will expire after this.


You can check the cap you didn't reach and put in more. I.e. Last year concessional contribution was $10000 so the left over balance was $15000, this year you could contribute $40000 with no ECT.

 

What you haven't used is on your myGov account. You don't have to advise as the bring forward can be done for up to 5yrs. 

 

Hope this helps.

 

Regards,

Jodie2.

2 REPLIES 2

Community Moderator

Replies 0

Hi @Jorge100 

 

We will check it out for you.

Most helpful response

ATO Community Support

Replies 0

Hi @Jorge100,

 

If you are wanting to carry forward your super contributions into the next financial year the website advises - Carry-forward concessional contributions - You are able to carry forward your unused concessional contributions cap space amounts from 1 July 2018. The first year in which you can increase your concessional contributions cap by the amount of unused cap is 2019–20, but only if you have a total superannuation balance of less than $500,000 at the end of 30 June in the previous year. Unused amounts are available for a maximum of five years, and will expire after this.


You can check the cap you didn't reach and put in more. I.e. Last year concessional contribution was $10000 so the left over balance was $15000, this year you could contribute $40000 with no ECT.

 

What you haven't used is on your myGov account. You don't have to advise as the bring forward can be done for up to 5yrs. 

 

Hope this helps.

 

Regards,

Jodie2.