Concessional Superannuation Contributions- 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.

Example: Carry forward concessional contributions

During 2018–19 to 2021–22, Sam has minimal super contributions as he is working part-time while completing studies. His super balance is continuing to grow with earnings and a small amount of super contributions but in 2020–21 his account balance reduced due to negative returns in that year. Sam has unused cap amounts for each of the 2018–19 to 2021–22 financial years.

Sam’s super contributions cap
Caps 2017–18 2018–19 2019–20 2020–21 2021–22
General contributions cap

$25,000

$25,000

$25,000

$25,000

$25,000

Cumulative available unused cap

na

nil

$22,000

nil

$69,000

Maximum cap available

$25,000

$25,000

$47,000

$25,000

$94,000

Super balance 30 June prior year

na

$480,000

$490,000

$505,000

$490,000

Concessional contributions

nil

$3,000

$3,000

nil

nil

Available unused cap for relevant financial year to be carried forward

nil

$22,000

$22,000

$25,000

$25,000

Sam would be entitled to use the unused concessional cap amounts in 2019–20 and 2021–22 as his total super balance at the end of 30 June in the year immediately preceding was less than $500,000.

Sam would not be able to use his unused concessional cap contributions in 2020–21 as his total super balance at the end of 30 June of the previous year was $505,000.

In 2021–22 Sam returns to work. For that year he has a maximum concessional cap amount available of $94,000 ($69,000 plus $25,000) for 2021–22 and is eligible to contribute this amount as this total super balance at the end of 30 June 2021 was now less than $500,000.

Source: Australian Taxation Office
Date: 11 June 2020

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