From 1 July 2018 there is a 5-year carry forward of unused concessional contributions under the annual $25,000 cap.  Key features include:

  • Unused concessional contributions up to the cap of $25,000 pa can be carried forward for a maximum of 5 years.
  • Your total superannuation balance must be less than $500,000 as at 30 June of the previous financial year.
  • The new rules apply from 1 July 2018 which means only unused cap amounts from 2018-19 and later financial years can be carried forward (the first financial year in which unused concessional contributions can be used is 2019-20).
Posted on 15/05/2020