Monthly Musings

In this “Monthly Musings” for the month of July we will provide a Market & Economic Conditions Update, re-visit the popular episode 36 of our short video series 3 Minute Tech titled “Your Questions Answered“, present an overview in our Focal Point section on “Using Carry Forward Concessional Contributions“, and showcase a brand new episode of our “Finding the Front” podcast with special guest John Rothwell AO, the Founder, former Executive Chair and current Independent Non-Executive Director of Australian ship building success story Austal.

Using Carry Forward Concessional Contributions

Concessional super contributions (also known as before-tax contributions) include employer super guarantee (SG), salary sacrifice amounts and personal tax-deductible contributions. Concessional contributions are presently subject to a limit of $30,000 per financial year, taxable to the super fund at 15%. Prior to July 2018, concessional contributions were subject to a ‘use it or lose it’ scenario. However, unused concessional cap allowances began accruing from 1 July 2018 under the catch-up rules. These rules allow super fund members to carry forward any unused concessional contributions on a rolling five-year basis.