#Superannuation #ConcessionalContributions #ATO #AFR #FinancialPlanning
Hey there,
Just wanted to drop a quick PSA for those of you looking to boost your super without exceeding your cap! Did you know that you can make use of unused concessional contribution amounts from previous financial years to maximize your contributions?
Here’s a quick breakdown of how it works:
– You can carry forward unused cap amounts from up to 5 previous financial years if your total super balance is under $500k at the end of the previous FY.
– Unused cap amounts expire after 5 years, so make sure to use them before they disappear.
– The ATO website has all the details you need, and the AFR also covered this topic recently.
If you’re looking to take advantage of this opportunity, check your available carry-forward contribution amounts on ATO online services and start boosting your super today! 💰📈
Hope this info helps! Let me know if you have any questions or thoughts on this strategy. Let’s all work towards securing our financial futures together. 💪 #FinancialSecurity #RetirementPlanning
Haha better yet, all in DCA into US Equities.
I have a question about this, I was planning to do salary sacrifice next FY to add some extra super. My current income I can only add 7k before I hit the FY25 cap, but I checked and I have over 50k of cap left. If I was to SS 10k I’m guessing that from a weekly pay perspective I’m guessing that I’d be over taxed and then it would be refunded at tax time?
For ppl who want to do this before 30 June, you need to direct debit to your fund, they need to receive the cash before 30 June (some have cutoff dates, it should be on their website).
You need to lodge a “Notice of Intention to Claim” with the fund before you do your tax return, it’s usually a form to fill out on the fund website. Then claim back on your tax return.
Also, don’t be scared to go over. There is no penalty for going over. The ATO will just send you a notification with two options.
First is to release the extra funds back to you, less the extra tax payable. The other option is to pay the extra tax and it goes in as non-concessional contributions instead.
How does this intersect with Div293?