To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500).
- Your total super balance needs to be less than $500,000 on 30 June of the previous financial year. Note, your total super balance is broadly the sum of all your super accounts including pensions.
- You can only carry forward unused concessional contribution cap amounts from 1 July 2018.
- Unused cap amounts can only be carried forward for five years until they expire.
To see what your concessional contributions history is follow these steps:
Step 1: Log into your myGov account.
Step 2: From your myGov dashboard, click on the Australian Taxation Office (ATO) link. This will take you to the ATO portal.
Step 3: On the ATO portal landing page, navigate to the “Super information” section.
Step 4: Within the “Super information” section, select “carry forward concessional contributions.”
Step 5: You will now see a page that allows you to scroll through your concessional contributions for the previous five financial years.
Step 6: Click on the current financial year. If the simulator does not provide all the necessary information, select the previous year instead.
Step 7: Look for the “show more details” option and click on it. This will reveal detailed information for the selected financial year, as well as the history from the previous full financial years.
Step 8: Take a screenshot or a snip of this page. Make sure all the relevant information is visible in the image. This will serve as a handy reference for your records or for sharing with your financial advisor.
Remember, understanding your concessional contributions history is a crucial part of managing your superannuation and planning for your financial future. To speak with a superannuation expert reach out to one of the Inspired Money Team and book a time to review your particular situation.
This blog contains general information that should not be considered personalised financial advice. If you have specific questions or concerns book a session to review your superannuation plan or any other financial planning issue contact the team directly on 08 6222 7909.
