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Hi, I have a client who is 19 years old this year 2022/23. He just arrived to Australia last year 2021/22 as a permanent residence of Australia. He has been working in overseas prior to landed here and also started working since arriving. I read some article that you can make some sort of catch-up contributions for immigrants.
Question: Can someone please tell me how many years or how much unused catch-up contributions my client can make this year?
Thank you so much for your help.
Hi Marita
Catch-up concessional contributions are for those that are eligible to make a contribution and have a total superannuation balance of less than $500,000 at the start of the financial year.
The carry forward of unused concessional contributions commenced from the 2018/19 financial year and you can use caps from up to 5 previous financial years.
I am not aware of any catch-up contribution rules for immigrants.
In relation to your client the tax agent can see on the tax agent portal the amount of carry forward unused concessional contributions that are available. This should also be available to your client on their My Gov account.
As noted above I would check the tax portal re the unused concessional contributions that are available as I am not sure if the ATO will allow unused concessional contributions for a year a person was under 18 years of age or for a year where they did not lodge a personal ITR.
The ATO has guidance at:
Thanks
SMSF AAA