Were you aware:
- Your annual Concessional Contribution (CC) cap for 20/21 is $25,000;
- Considering the above figure however, since 2018, individuals can carry forward any unused CC cap for up to 5 financial years (rolling 5 year periods). For instance, if you were able to contribute $25,000 in 2019/2020, but only put in $10,000 then you have $15,000 that can be contributed from this financial year, and/or the next 4 financial years. This is in addition to the annual limit for this financial year (*Note, total Super balance must be < $500,000 at 30/6 of prior Financial year to take advantage);
- If the following applies: 1. Your annual income is below $54,837, 2. You are under 71, and 3. You have less than $1.6 Million in Super, you may qualify for the Government Co-Contribution. We won’t go into all the calculations associated with this, but for example, if you earned say $38,000 this year and made a contribution of say $1,000 than the Australian Government would partially match your funds with a $500 Co-contribution.
- For those with income below $37,000 you may also qualify for the low income super tax offset. The offset is the lesser of $15% of the eligible cont. and $500. Read more
