Anyone who hasn’t contributed the full $25,000 in concessional contributions in 2019 or 2020, but still wishes to do so, has until 30 June 2021 to ‘catch up’ on these contributions. In the 2021-2022 financial year, the superannuation concessional cap will be increased from $25,000 to $27,500.
From 1 July 2017 to 30 June 2021 the general concessional contributions cap is $25,000 and the general concessional contributions cap is not calculated based on age, however, certain eligibility criteria apply.
It’s important to note that contributions must be paid and received by 30 June 2021. If you’ve missed this deadline, you can avoid missing out again next year by planning early and at least look forward to the concessional cap rising by $2,500 for the next financial year.
Concessional contributions cap
Concessional contributions include:
- employer contributions (including contributions made under a salary sacrifice arrangement)
- personal contributions claimed as a tax deduction.
If you have more than one fund, all concessional contributions made to all of your funds are added together and counted towards your concessional contributions cap.
Unused concessional cap carry forward
From 1 July 2018 if you have a total superannuation balance of less than $500,000 on 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap and make additional concessional contributions for any unused amounts.
The first year you will be entitled to carry forward unused amounts is the 2019–20 financial year. Unused amounts are available for a maximum of five years, after which they will expire.