As of 1 July 2019, new rules were introduced allowing eligible taxpayers to make tax deductible contributions for unused portions of their super concessional contributions caps from prior years. Effectively, a top up!

This brings tax deductions into the current financial year, which normally would be in excess of the normal annual concessional contribution cap of $27,500.

The new rules allow taxpayers to look back on each financial year commencing from 1 July 2018 to calculate the ‘unused’ portion of their concessional contributions cap in each financial year.

The ‘unused’ cap is effectively the difference between the concessional contribution cap for the financial year less the total of all before tax contributions made in that same financial year.

You may only claim unused super contributions from previous years if your total super balance is less than $500,000 at 30 June in the financial year before the year in which you make your ‘catch up’ contributions. Unused concessional cap amounts can only be carried forward for a maximum of five years.

Concessional superannuation contributions can be complex and implementing the right strategies is vital to ensure you maximise your superannuation savings. Get in touch with your advisor for assistance.

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Osborne Park Office
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Osborne Park Office
18 Sangiorgio Court, Osborne Park WA 6017
Locked Bag 4, Osborne Park DC WA 6916
Mon - Fri: 8.00 am - 5.00 pm
Port Hedland Office
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PO Box 149, Port Hedland WA 6721
(08) 6165 4067
Mon - Fri: 8.30 am - 4.30 pm

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Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.



Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.


Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Copyright © 2022 Armada Accountants & Advisors.
ALL RIGHTS RESERVED 

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