You didn't mention .... the carry-forward unused concessional contribution cap provisions. The carry-forward rules allow you to carry forward any unused portions of the concessional contribution cap for a rolling five-year period beginning from the 2018-19 financial year. So the cap back then was $25,000, and it changed to $27,500 from July 1, 2021. So let's say that you received concessional contributions of $20,000 in the 2019 financial year, and $20,000 in the 2020 year, and $20,000 in the 2021 year, and $20,000 in the 2022 year. You would have carry-forward contributions amounts of $22,500. So that's the unused portions added up from the year, the cumulative amounts heading into the 2023 financial year, plus the general 2023 financial year cap of $27,500, allowing you to receive concessional contributions of up to $50,000 for the 2023 financial year. However, and this is a big however, you can only utilize the unused carry-forward amounts in a financial year if your super balance was below $500,000 on June 30 of the previous financial year. So to use the carry-forward amount of $22,500 for the 2023 financial year, you would have needed to have had a total super balance below $500,000 on June 30, 2022. If it was higher, you cannot utilize the unused cap amounts. You can still obviously use the $27,500 though.
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Very useful, and presented in a simple and understandable way, I believe the channel will go far!
Thank you for the compliment. Glad you've found it helpful 😉
Helpful information. Thank you
A very useful and information-dense summary of the topic. Thanks.
Great video!!! Thanks
If you withdraw unrestricted non preserved Super before Preservation age , do you get taxed on it or is it tax free?
You didn't mention .... the carry-forward unused concessional contribution cap provisions. The carry-forward rules allow you to carry forward any unused portions of the concessional contribution cap for a rolling five-year period beginning from the 2018-19 financial year. So the cap back then was $25,000, and it changed to $27,500 from July 1, 2021. So let's say that you received concessional contributions of $20,000 in the 2019 financial year, and $20,000 in the 2020 year, and $20,000 in the 2021 year, and $20,000 in the 2022 year. You would have carry-forward contributions amounts of $22,500. So that's the unused portions added up from the year, the cumulative amounts heading into the 2023 financial year, plus the general 2023 financial year cap of $27,500, allowing you to receive concessional contributions of up to $50,000 for the 2023 financial year. However, and this is a big however, you can only utilize the unused carry-forward amounts in a financial year if your super balance was below $500,000 on June 30 of the previous financial year. So to use the carry-forward amount of $22,500 for the 2023 financial year, you would have needed to have had a total super balance below $500,000 on June 30, 2022. If it was higher, you cannot utilize the unused cap amounts. You can still obviously use the $27,500 though.