Upgraded Contributions Monitoring Tool
We have substantially upgraded our contributions reporting module to provide easily accessible, real time information on the contribution position of every member in all your funds. It is available from the Contributions button on our Toolbox dashboard.
Some of the more important data headings are;
PREVIOUS UNUSED CC
Since 1 July 2018, unused concessional contributions may be carried forward for up to 5 years and used by members with a total super balance of less than $500,000 as at 30 June the previous financial year. This is a cumulative amount but should be checked against ATO records.
Concessional contributions processed year to date into this fund. It will include concessional contributions made to other funds if you notify us using the Contribution & Total Super Balance Adjustment form.
Concessional contributions that are possible based on the cap, unused previous years and the member’s total super balance as shown by the records we hold.
Any excess will be treated as a non-concessional contribution so will be counted in the NCC MADE column as well.
This status may require you to advise us to adjust our records using the Contribution & Total Super Balance Adjustment form. Possible notations are;
- The ‘Bring Forward Rule’ was triggered in the previous year.
- The ‘Bring Forward Rule’ was triggered 2 years ago.
- The ‘Bring Forward Rule’ was NOT triggered in the previous 2 years – we believe we are aware of the last 2 year’s contributions and the BFR was not triggered (Note that we only know of other fund contributions if we have been informed. It is advisable to check the member’s MYGOV records to confirm.)
- Contributions for the previous 2 years are not confirmed – we don’t know if the 3-year NCC ‘Bring Forward Rule’ has been activated or not. You will need to advise us.
- The ‘Bring Forward Rule’ was unavailable in the last 2 years.
Available non-concessional contributions that may be made this year based on the NCC cap of the member as adjusted by age, total super balance and the bring forward rule.
END 2020 TSB
The member’s total super balance at 30 June of the previous year based on the gross member balances held in this fund and any others you have notified us of. It may be reduced by valuing assets at their net value which could increase available non-concessional contributions in the current year.
If you’d like to discuss this or other Toolbox features why not give me a ring.