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Catch-up concessional contributions

How does it work?

If you make or receive concessional contributions (CCs) of less than the annual concessional contributions cap of $25,000 pa, you may be able to accrue these unused amounts for use in subsequent financial years.

2018/19 was the first financial year you could accrue unused cap amounts and these amounts can be used from 1 July 2019. Unused cap amounts can be carried forward for up to five years before they expire. To be eligible to make catch-up CCs, your total super balance at the prior 30 June must be below $500,000.

What are the benefits?

Greater flexibility to make concessional contributions which may be helpful even if you have broken work patterns, or can’t afford to contribute in a particular year.

Greater flexibility to make concessional contributions which may be helpful even if you have broken work patterns, or can’t afford to contribute in a particular year.

Case study

 

Financial year Annual CC cap amount Total CC cap including any carried forward CCs
Concessional contributions made Unused CCs that may be carried forward
2018/19 $25,000 $25,000 $15,000
$10,000
2019/20 $25,000 $35,000 Nil
$35,000
2020/21 $25,000 $60,000 $15,000 $45,000
2021/22¹ $25,000 $70,000 $50,000 $20,000

Important things to consider

¹ The CC cap may be indexed at the start of each financial year. We have assumed that the CC cap is not indexed in 2021/22.

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What next?

Find out more about Super and retirement rules.

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General advice and information only

Any advice and information on this website is general only, and has been prepared without taking into account your particular circumstances and needs. Before acting on any advice on this website you should assess or seek advice on whether it is appropriate for your needs, financial situation and investment objectives.

Tax disclaimer

Any general tax information on this website is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.