Unused Super Contributions

Unused Super Contributions

The carry-forward rules are often overlooked by eligible individuals who do not use the full amount of their concessional contributions (CCs) cap in a particular financial year.

The general Concessional Contributions (CCs) cap increased from $25,000 to $27,500 on 1 July 2021, and careful use of the carry-forward rules may provide additional tax and retirement planning opportunities.

Carry-forward rules recap 

An individual must satisfy the following conditions to use their unused CCs cap amounts:

 

  • their total superannuation balance (TSB) is less than $500,000 at 30 June of the prior financial year, and
  • they have unused CCs cap amounts in years commencing 1 July 2018 for one or more of the previous five years

These could benefit eligible individuals who may encounter financial windfalls, such as gains on personal investments, or inheritance.

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First and foremost, we’re accountants. But we like to think of ourselves as a lot more. We work closely alongside business owners to bring more clarity, direction, and support, improving elements of your life beyond just the business. And, with our firm’s history in the Townsville area going back to the 1950s, we’re an established part of the local business community. We take that responsibility seriously.

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