From 1 July 2019, if your total super balance is less than $500,000 on 30 June of the previous financial year, you may be able to contribute more than the before-tax contributions cap by using any unused cap amounts from previous financial years. This is called a ‘carry forward’ contribution’. You can use the carry forward unused amounts from 1 July 2018, for up a maximum five years.
For example, assuming you qualify to carry forward, if you make a before-tax contribution of $20,000 in 2018-19, 2019-20, 2020-21 and 2021-22 and 2022-23, your unused cap amount would be $30,000.
| 2018/19 |
$25,000 |
$20,000 |
$5,000 |
| 2019/20 |
$25,000 |
$20,000 |
$5,000 |
| 2020/21 |
$25,000 |
$20,000 |
$5,000 |
| 2021/22 |
$27,500 |
$20,000 |
$7,500 |
| 2022/23 |
$27,500 |
$20,000 |
$7,500 |
| Total |
|
|
$30,000 |
| 2018/19 |
| $25,000 |
| $20,000 |
| $5,000 |
| 2019/20 |
| $25,000 |
| $20,000 |
| $5,000 |
| 2020/21 |
| $25,000 |
| $20,000 |
| $5,000 |
| 2021/22 |
| $27,500 |
| $20,000 |
| $7,500 |
| 2022/23 |
| $27,500 |
| $20,000 |
| $7,500 |
| Total |
| |
| |
| $30,000 |
In 2023-24 you’ll be able to make before-tax contribution totalling up to $57,500 (the 2023-24 cap of $27,500 plus unused cap amounts totalling $30,000). Any carry forward amounts you accrue will expire if you don’t use them after five years (therefore a 2018-19 unused cap amount that is not used by the end of 2023-24 will expire).
You can keep track of your before-tax contributions online via the ATO website, in MemberAccess or via the Rest App. Note - Only contributions made to Rest will be tracked in the Rest App and MemberAccess, you should consider checking your total contributions to all funds in a financial year to make sure you do not exceed the caps.
