March 19, 2021

‘Carry Forward’ Concessional Contributions Cap

The carry forward rule allows individuals to make additional concessional contributions in a financial year by utilising unused concessional contribution cap amounts from up to five previous financial years, providing their total superannuation balance just before the start of that financial year was less than $500,000. Any unused cap can only be used from the 2019–20 financial year.

Effectively, this means an individual can make up to $150,000 of concessional contributions in a single financial year by utilising unapplied unused concessional contribution caps from the previous five financial years.

Prior to these amendments, if an individual did not fully utilise their annual concessional contributions cap in a financial year, they could not carry forward the unused cap to a later year. This rule constitutes an exception to the usual rule when it comes to concessional contributions: ‘Use it or lose it’.

Please contact Mark Hann of our office on 9387 5637 if you require any information in relation to the carry forward rule.

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