Catch Up Carry-forward Concessional Contributions

[@AboutRetirementTV]

What is your preferred type of super contribution?

[@KK-bd5dl]

Thank you!! That was so eloquently explained.

[@AboutRetirementTV]

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

[@walkingtofi]

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

[@AboutRetirementTV]

Thank you Rob 🙂

[@aussietaipan8700]

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

[@unclelive6918]

Love your carefully explanation

[@cj80444]

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]

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]

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

[@tanngo7900]

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

[@AboutRetirementTV]

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

[@uberboiz]

@@AboutRetirementTV Do you have to complete the same form if you are using SMSF?

[@AboutRetirementTV]

@@uberboiz Yes, I believe this is the same form to be used by SMSF

[@WinnieTeh-t5t]

Hi Katherine, Thank you so much for your video. My wife - 64yo and myself- 66yo, enjoyed you videos. Thank you again. My super balance exceeds $500K while my wife has $280K. We are home owner with no debt and are in a process of selling our investment property. If the investment property is sold, we estimate that the CGT portion for both of us would be $330K. I retired in 2020- 4 years ago, while she retired more that 10 years ago.Can you offer strategies to reduce potential tax liability from the sale of investment property? Can you advise if we can reduce part of the CGT by using contributing to the unused carry-forward concessional contribution? I am not clear with the eligibility for the catch up carry forward concession contribution. As mentioned above, my wife has retired more than 10 years ago. If she is not employed, does it means she cannot contribute ?

[@AboutRetirementTV]

Hi, this is a typical pre-retirement tax management and preparation. Honestly too complex to reply in this open forum, plus there is more information that I would need to gather from you to answer your questions or give any suggestions. And please remember that here I can only provide general and not personal advice (legislation rules), so please call the office on 133 274 731 and we can book a meeting to go over your situation in detail to review the tax position or any other pre-retirement issue.

[@luissoriano4170]

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]

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.

[@RichardPettit-r6p]

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

[@zorororonoa2469]

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]

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.

[@allanhvidt-nielsen7777]

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😊