Individuals with a total superannuation balance (TSB) below $500,000 are now able to “carry forward” their unused concessional contributions (CC) cap space to future years in order to catch up on contributions later when they have the capacity to do so. Usually, an individual’s CCs are capped at $25,000 per financial year, and exceeding the cap will generally attract an excess contributions tax penalty. CCs include compulsory superannuation guarantee contributions; additional salary-sacrifice contributions made by your employer; and personal contributions (for those under the age of 75) that you make from your after-tax income for which you claim a … Continue reading Catching up on superannuation contributions