3min chapter

Dev Raga Personal Finance cover image

231 superannuation part 1

Dev Raga Personal Finance

CHAPTER

How to Carry Forward Concessional Super Contributions

The carry forward contribution means suppose you didn't max out your concessional super contributions in the past. This is a great thing because it allows people who may have had a lower income during their junior years to catch up on super and really ramp it up in their senior years. It resets over a five-year period kind of like your demerit point system in most states for speeding fines. You should be getting 10.5 percent mandatory contributions i cannot hammer that message again and again until you get it now. A real life scenario amies and nurse working in a large pediatric hospital could have contributed $82,500 into a super but she's only contributed $27,000. She

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