If you have: · A total superannuation balance below $500,000 as at 30 June; and · Not utilised your entire concessional contributions cap ($25,000) for the year 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: · Your total superannuation balance must be below $500,000 as at 30 June of the prior year before you utilise any carried forward amount (wi...
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