Concessional Contributions – Carry Forward Rule
Starting from 1st July 2018, members with a superannuation balance of less than $500,000 are able to make ‘carry-forward’ concessional contributions. Concessional contributions relate to where a tax deduction is claimed for the contribution. Members who have not made (or partially made) contributions in the prior years (up to four) are able to make contributions that reach up to 5x the concessional contribution limit. The table below better illustrates this new rule.
| Year | Concessional Contribution Made | Concessional Contribution Allowable |
| 2018/2019 | $0 | $25,000 |
| 2019/2020 | $0 | $50,000 |
| 2020/2021 | $0 | $75,000 |
| 2021/2022 | $0 | $100,000 |
| 2022/2023 | $0 – Prior to the 30th June | $125,000 |
Members can access their unused concessional contributions caps on a rolling basis for five years. Amounts carried forward that have not been used after five years will expire. Note that this is different to the non-concessional (where you are not claiming a tax deduction on the contribution) bring forward rule which allows members to make contributions in advance of $300,000 over three years subject to eligibility.