The concessional superannuation contribution cap is $27,500 for the 2021-2022 year which includes a superannuation guarantee paid for by an employer, personal contributions and salary sacrificed amounts. It may be worthwhile to speak to your financial planner and consider whether it is appropriate to make any additional superannuation contributions before 30/06/2022.

Where you are under 67, you may also be able to make personal concessional contributions and claim a tax deduction if you provide the superannuation fund with a notice of intent to claim a tax deduction.

This may be a tax effective way of contributing to your SMSF by 30 June – without making salary sacrifice arrangements with your employer. Remember to take into account your employer contributions when calculating the balance of your concessional cap.

Where you are aged 67-74 you will need to pass the work test for your superfund to accept concessional contributions. To pass the work test you must be working for a minimum of 40 hours in any 30 consecutive day period during the financial year.

Additionally, where you have a total superannuation balance of less than $500,000 as at 30 June 2021, you may be entitled to contribute more than the concessional contributions cap. Under the carry forward rule, you can carry forward your unused concessional contributions for the 2019, 2020 and 2021 years into the 2022 year. This is the third year you will be entitled to carry forward unused amounts and is a tax effective strategy if you have additional income this financial year – such as a capital gain.

Should you have any queries please feel free to contact the ProYou team.

Contact Details 

Physical Address 
ProYou Business Advisory Pty Ltd 
Level 3  
91 Phillip Street 
Parramatta NSW 2150 

Postal Address 
ProYou Business Advisory Pty Ltd 
PO Box W93 
Parramatta Westfields NSW 2150 

Phone 
+61 2 9064 1300 

Email 
admin@proyou.com.au