“This gives an insight into certain things that are available in what is a very short timeframe to actually activate some of these strategies,” Miller said.

“Things such as available cap space means many things to many people. Ultimately, it comes down to both concessional and non-concessional contributions.

“But then it goes beyond the standard annualised caps, $30,000 for the concessional and $120,000 for non-concessional at the current state, into your total superannuation balance at the previous 30 June.”

He added that for members with less than $500,000 in their fund, it then comes down to what unused cap space they may have from previous years, which will dictate what their current available cap space is going to be.

Dunn said that for unused carry forward concessional contributions, it must be remembered that if they are not utilised within the five-year period, the member will lose this opportunity.

“For some people, there's not going to be any need to use those carry-forward contributions in certain years,” Miller added.

“But there might be a big tax event in a member’s personal life which dictates that it may be a good year to claim a larger tax deduction and then it's whether you have the space to put more contributions in than you otherwise would normally do.”

Furthermore, he said, looking forward, contributions can prompt members to evaluate their objectives in future years, what their balance is going to be at the end of the current year and to think about different strategies from a timing point of view, and from a tax point of view.

Dunn continued that another important consideration is the member’s total super balance as it is “interwoven” into many things about how to make contributions and how to move into retirement phase.

Miller said obtaining a TSB has been a “bugbear of the industry” for a long time, regarding the information being more broadly accessible.

“From a tax planning point of view, I note that it has been contemplated as part of the ongoing negotiations or discussions with Treasury and the Tax Office, but the total super balance, which is part of that broader reporting, is critical because it's the trigger for firstly, what the balance was at 30 June last year, with some modifications, but it's also then the trigger for determining if a member is eligible for strategies such as the carry forward of the unused concessional contributions,” he said.

“And for those with higher balances, it’s the trigger for what the non-concessional contribution cap may be, and whether they can avail themselves to things such as the bring forward contribution strategy.