10 October 2024 at 2:14 pm #13625
Hello Dawood
A very interesting question.
In brief, there is nothing in sections 291-20(3) through to (7) of the Income Tax Assessment Act 1997 that would stop an 18 year old taking advantage of unused concessional contributions caps from the five income years before they turned 18.
Happy to hear the thoughts of other auditors on this matter.
Best regards
The Auditors Institute