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Superannuation: The carry forward provision
If you work casual or part-time, take time out of work (e.g. raising a family or a career break/sabbatical), or have ‘lumpy’ income (e.g. a small business owner) it can mean periods where no or limited superannuation contributions are made to your superannuation account. Importantly, in situations where this is the case, this can have flow-on effectsregarding your superannuation balance over time.
With this in mind, from 1 July 2018, a carry forward provisionapplies for the concessional contributions cap. This is aimed at giving you the opportunity to ‘catch-up’ concessional contributions if you have the capacity and wish to do so. Briefly, what this means is that, subject to meeting the relevant eligibility requirements, you will now be able to carry forward unused concessional contributions cap amounts on a rolling basis for a period of up to five years.
To learn more about the carry forward provision, please watch our animation.