Catch up contributions
Joy Kulavong
2 years ago • 1 min read
The concessional contributions cap is currently $27,500 and if your super guarantee (SG) employer payments were less than the cap, the amount left over carries on to the next financial year.
If you’ve had interrupted work and haven’t been able to make the maximum concessional contributions allowable, you might be able to use this provision.
If you have any unused amounts towards your concessional contributions cap from 1 July 2018 and you have a total super balance of less than $500,000 on 30 June of the year prior you could make additional taxable contributions to super.
The additional contributions could be done through salary sacrifice or making a personal contribution from additional money you have. If you make a personal contribution, you’ll be able to claim a tax deduction in your personal tax return.
Unused cap amounts can only be carried forward for five years until they expire.
You can check your unused concessional contributions cap through your myGov account.
