Catch up concessional contributions
Catch up contributions may be available to taxpayers who have a total balance in superannuation of less than $500,000 at the end of the previous financial. If they qualify, they may be able to utilize their unused concessional contributions cap and make catch up concessional contributions. These measures were introduced in 2018 and the first year a member may make a catch-up contribution was the 2019/2020 financial year. Five years is the maximum any unused contribution cap amounts can be…