We’ve previously written a few blog posts around the opportunities of utilising unused superannuation concessional contributions, and the benefits of doing so.
In our last blog post on this subject in June 2023, we noted that any unused cap amounts from the 2019 FY must be claimed in the 2024 FY otherwise this opportunity will be lost forever.
This is a friendly reminder to prepare for and take advantage of this opportunity before 30 June 2024.
We’ve put together a quick summary of this opportunity below.
To use your unused cap amounts you need to meet 2 conditions:
- Your total superannuation balance at the end of 30 June of the previous financial year is less than $500,000
- In the 2024 Financial Year, this means your superannuation balance as of 30 June 2023 must be less than $500,000
- You made concessional contributions in the financial year that exceeded your general concessional contributions cap.
- This condition requires you to first maximise the current years’ cap of $27,500 in 2024 FY before accessing the 2019 FY unused cap
If you have any questions in relation to any of the details mentioned above, or would like to find out more about this opportunity, please contact our office or book a meeting through Calendly here.
Please note:
1) This blog is not intended for the purpose of giving investment advice. We recommend you seek advice from a qualified Investment Advisor.
2) Our comments are general in nature and may/may not apply to your specific circumstances. Please seek our specific advice in relation to your own circumstances.
Kind Regards,
Eric Cirulis
Director/CEO