Carry-forward concessional (before-tax) Super contributions start 1 July 2019
From 1 July 2019, super fund members can make catch-up concessional contributions into their super account using their unused concessional contributions cap amounts from previous years.
To qualify, you must have
- Total Super Balance of less than $500,000 on 30 June of the previous financial year.
- Must not have used all your $25,000 annual concessional contributions cap in the previous financial year.
Under the rules, you can carry-forward up to five years of unused concessional contributions caps for use in a later financial year, but the rolled forward amounts expire after five years.
The five-year carry-forward period started on 1 July 2018, meaning 2019/2020 is the first year in which you can make catch-up contributions. If you are aged 65 or over, the normal work test rules apply.
Please contact us if you have any questions.
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