From 2019–20, carry-forward rules allow you to make extra tax-deductible contributions – above the general concessional contributions cap. The cap is currently $25,000 per annum from 17/18 to 20/21 FY and $27,500 from 21/22 FY onwards including your employees super guarantee (SG).
The carry-forward arrangements involve accessing unused deductible cap amounts from previous years. Meaning if you didn’t use all of your cap which is currently $25k for the 2019 FY & 2020 FY you can carry this forward to use in a later financial year for up to 5 years.
From 2019–20 your concessional contributions cap can be increased if you meet all these conditions.
Your total super balance at the end of 30 June of the previous financial year is less than $500,000.
You made concessional contributions in the financial year (you want to claim the deduction) that exceeded your general concessional contributions cap.
have unused concessional contributions cap amounts from up to five previous years (but not before 2018–19).
Unused cap amounts are available for a maximum of five years and will expire after this. For example, a 2018–19 unused cap amount which is not used by the end of 2023–24 will expire.
How to view your carry-forward concessional contributions
· You can view and manage your concessional contributions and carry-forward concessional contributions using ATO online services through myGov.
· Log in to ATO online services, select Super, then navigate to Carry-forward concessional contributions.
· Be aware that due to the reporting timeframes of funds, especially SMSFs, the latest information may not be available in ATO online
· services. You can contact your super fund for the most up to date information.
https://www.ato.gov.au/individuals/super