Not making your full superannuation contribution? Now you can catch up
This year is the first year of new measures that enable people who have been out of the workforce, like new Mums, to top up their superannuation.
If you have:
then you can 'carry forward' the unused amount on a rolling 5-year basis.
For example, if your total concessional contributions in the 2018-19 financial year were $10,000 and you meet the eligibility criteria, then you can carry forward the unused $15,000 over the next 5 years. You may then be able to make a higher deductible personal contribution in a later financial year. If you are selling an asset and likely to make a taxable capital gain, a higher deductible personal contribution may assist in reducing your tax liability in the year of sale.
Remember:
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