Catch Up Carry-forward Concessional Contributions

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Catch Up Concessional Super Contribution, known as Carry-Forward Contribution or Carry-Forward Unused Concessional Contribution is a little-known contribution opportunity that might help you:
- catch up on those lost years of not contributing enough,
- grow you super and ultimately retire better,
- get tax benefits in the form of tax-deduction for your contributions.
I will cover:
1. What are carry-forward contributions,
2. Who can benefit from carry-forward contributions,
3. What are eligibility rules.
4. Case studies,
5. 4 steps to do it right.
Videos listed today:
What is superannuation? How does super work?: • What is superannuation...
Reduce tax through super. How much can you contribute to super?
• Reduce tax through sup...
Salary Sacrifice Australia - tips, traps & benefits:
• #SalarySacrificeAustra...
To download the book 12 PRINCIPLES OF INVESTING:
ebook.aboutretirement.com.au/...
Contact details:
Katherine Isbrandt of About Retirement
Website: aboutretirement.com.au/
Email: hello@aboutretirement.com.au
Or connect with me:
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My Adviser Profile: aboutretirement.com.au/wp-con...
#KatherineIsbrandt #AboutRetirement #CatchUpConcessionalSuperContributions #UnusedSuperContributions

Опубликовано:

24 июл 2024

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Комментарии : 20

@AboutRetirementTV 3 года назад

What is your preferred type of super contribution?

@KK-bd5dl 2 года назад

Thank you!! That was so eloquently explained.

@AboutRetirementTV 2 года назад

Thank you, so very happy you found this video helpful 😀

@unclelive6918 11 месяцев назад

Love your carefully explanation

@aussietaipan8700 2 года назад

I am viewer 2,222 and liked 89, Thanks Kath for your great effort and information.

@walkingtofi Год назад

Thank you. I will save extra for a future property sale. You are the best!

@AboutRetirementTV Год назад

Thank you Rob 🙂

@cj80444 10 месяцев назад

Hi Kat, thanks for the thorough explanation, great job! If my wife is not working, can she make concessional contribution when she sell her investment property to reduce her CGT? Can she also contribute the previous years where she didn't have any concessional contribution made?

@ihsany8146 3 года назад

great video, thank you. question: can i contribute to my superannuation outside of salary sacrifice (from my savings account) and still claim it as tax deduction if my only income is through employment? i have $46,000 to carry forward and my SG & salary sacrifice will not be sufficient to catch up on my super contributions.

@AboutRetirementTV 3 года назад

Hi Ihsan, thank you for watching and your question, Today you do not have to be self-employed to claim tax deduction for your super contributions, so if you are employed, as long as you stay within the limit, you can add extra on the top of your employer contributions and claim tax deduction - advice your super fund before the end of financial year. The limit is $25,000. Please check with your super fund the exact amount you are allowed to contribute as "carry-forward". I don't fully understand the second part of your question

@user-do2po7hd9t 2 месяца назад

Hi Katherine, if I inherit a large sum, am I best to contribute to carry forward superannuation contributions or do a lump sum as a non-concessional contribution or both? Thanks

@allanhvidt-nielsen7777 7 месяцев назад

Hi Kat. I want to contribute to my Super with money I have saved up in the bank, (no contributions have been made for almost 3 years now from anyone!! but I have mixed feelings about this. The money thats been saved up has already been taxed once as normal income tax. Do I really have to pay an additional 15%, just because I transfer them to my Super!? At least I currently only pay Tax on the interest they make😊

@luissoriano4170 2 года назад

hi Kat, great video full of nutrients and easy to digest 👍great stuff. I am interested to salary sacrifice start 1st, July 2022 but I am leaning to hold for now because my superannuation is in the negative territory. Week by week I am checking my super balance and seeing moving downwards. If the trend is moving downhill then, any contribution now will just diminish in value. I guess, hold for now until the share market is less volatile. My super is invested in balance portfolio but at the moment in the negative territory. What do you think, contribute now or later ?? 🤔 by the way thanks for all very informative videos..

@AboutRetirementTV Год назад

Luis, look at super contributions like buying an investment property, would you buy it at the time when the prices are high and continue rising, or would you buy it when the market dropped and properties are at bargain prices. If you apply the same philosophy to super lumpsum contributions, you cannot go wrong. on the other hand, salary sacrifice is a ongoing monthly commitment, so by investing regularly, you will pay the average market price for the full year.

@zorororonoa2469 2 года назад

Hi Katherine. Is it possible to use salary sacrifice money into carry forward concessioanl contributions? If yes, what is the procedure? I have around 60K in my carry forward concessional contribution. And I am thinking to fill it up with only salary sacrifice money if I can. Thank you so much for the great video.

@AboutRetirementTV Год назад

In most cases this is your personal contribution with a form to the super fund of your intention to claim tax deduction. I think your employer might not be happy to contribute to super above the maximum cap for concessional.

@tanngo7900 2 года назад

Hi Do I have to tell ATO if I want to use carry forward concession contributions? Thank you

@AboutRetirementTV 2 года назад

Hi Tan, great question. You have to complete the "Notice of Intent to Claim or Vary a deduction for personal super contributions" form. To find it fast, you can download a copy from my website: aboutretirement.com.au/resources/ . When completed, you need to provide it to your super fund. DO NOT SEND IT TO ATO, only to your super fund, who will advise ATO on your behalf. I hope this helps 😀Katherine