From 1 July 2018 if you have a total superannuation balance of less than $500,000 on 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap and make additional concessional contributions for any unused amounts.
The first year you will be entitled to carry forward unused amounts is the 2019–20 financial year. Unused amounts are available for a maximum of five years, and after this period will expire.
If you have any queries, please contact us.
Description | 2017–18 | 2018–19 | 2019–20 | 2020–21 | 2021–22 |
---|---|---|---|---|---|
General contributions cap | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
Total unused available cap accrued | Not applicable | $0 | $22,000 | $44,000 | $69,000 |
Maximum cap available | $25,000 | $25,000 | $47,000 | $25,000 | $94,000 |
Superannuation balance 30 June prior year | Not applicable | $480,000 | $490,000 | $505,000 | $490,000 |
Concessional contributions | nil | $3,000 | $3,000 | nil | nil |
Unused concessional cap amount accrued in the relevant financial year | $0 | $22,000 | $22,000 | $25,000 | $25,000 |
Note: This table assumes no indexing of general cap.