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:
- Concessional and non-concessional totals
- Available carry-forward concessional contributions
- 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 | $25,000 | Nil | $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.
