Adviser Update

New Member Contribution Summary

We have updated your AMG Adviser login view to include a ‘Member Contribution Summary’ to make it easier for you to manage your clients’ contribution caps come EOFY.

This new system functionality makes it simple for advisers to view clients’ key contribution figures including:

  1. Concessional and non-concessional totals
  2. Available carry-forward concessional contributions
  3. Available bring-forward non-concessional caps

The screen displays all members listed under your adviser code, with the ability to download the details in CSV format. An example of the screen is below:

The contribution caps for the 2019/20 Financial year are as follows:
Concessional Cap: $25,000
Non- Concessional cap: $100,000

Carry-forward concessional contributions

Members are able to carry forward unused concessional contributions from 1 July 2018. If you have a total superannuation balance of less than $500,000 at the end of 30 June in the previous year, you can increase your concessional contributions cap by the amount of unused cap from 2019–20. Unused amounts are available for a maximum of five years after which they expire.

Example:


Financial year

Annual CC
cap amount
Carried forward
cap available at
start of financial year
Concessional
contributions
made
Unused cap carried
forward from EOFY
2018/19$25,000$25,000Nil$25,000
2019/20$25,000$50,000$10,000$40,000
2020/21$25,000$65,000$15,000$50,000
2021/22$25,000$75,000$20,000$55,000
2022/23$25,000$80,000$20,000$60,000

Bring-forward rule

Individuals aged 65 and 66 will also be able to make up to three years of non-concessional contributions under the bring-forward rule. Previously this ability was restricted to those under age 65.

A member can make up to three years’ worth of non-concessional contributions into super in one year. Effectively allowing non-concessional contribution of up to $300,000 by bringing forward the next two financial years’ non-concessional contribution cap.

Getting control of your super is easy with AMG

Get in contact

PO Box 3528, Tingalpa DC, QLD 4173

1300 264 264

info@amgsuper.com.au