Superannuation Contributions: Understanding Carry Forward and Bring Forward
- You can carry forward any unused portion of your concessional contribution cap from the previous five years.
- To be eligible, you must have a total superannuation balance of less than $500,000 on 30 June of the previous financial year.
- The unused cap amount can be added to your current year's cap, providing an opportunity to make more substantial contributions in a single year.
- Normally, the annual non-concessional contribution cap is $100,000.
- Under the Bring Forward rule, you can bring forward two years' worth of non-concessional contributions, allowing you to contribute up to $300,000 in a single year.
- This is subject to your total superannuation balance, as exceeding the cap can lead to penalties.
- Total Superannuation Balance: Keep an eye on your total superannuation balance, as it can affect your eligibility for these contribution strategies.
- Tax Implications: Concessional contributions are taxed at a lower rate within your super fund, whereas non-concessional contributions are made from after-tax income and are not taxed when withdrawn. Consider your tax position when deciding which strategy to pursue.
- Professional Advice: It's crucial to seek advice from a financial advisor or tax professional to determine the most suitable strategy for your individual circumstances.
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