the ATO website quotes "If you are 67 years old or older on 1 July, you cannot access the bring-forward arrangement in that financial year. You need to meet conditions for certain types of contributions to be accepted by your super fund, including satisfying the work test or work test exemption."
i was 66 on the 1 July this year. I turn 67 on the 4/8/21. i work part time (46 hours/fortnight) and meet the work test.
Question here is that i have withdrawn $154k from my super and want to reinvest $150k back into super as a non concessional contribution.
Given that i was not 67 on the 1 July do i meet the bring forward rule?
I have reinvested $109k at this point in time.
I have just found the under from esuper website (they quote SMSF setups). I'm assuming this applies to any super fund/account and therefore i would qualify for the bring forward rule?
After 1 July 2020
A change to this age restriction to be under 67 years of age at any time in a Financial Year has passed through the House of Representatives and the Senate on 17/06/2021. The effective date of this legislation will date back to 1 July 2020. If you are aged 65 or 66 on 1 July 2020 and you have not previously trigged the bring-forward rule in the preceding two Financial Years, you may bring forward one or two years' worth of Non Concessional Contributions (i.e. $200,000 cap over two years or $300,000 cap over three years) in the 2020/2021 Financial Year subject to your total superannuation balance (TSB) on 30 June 2020. If you are already 67 years old or older on 1 July 2020, you cannot access the bring-forward arrangement in the 2020/2021 Financial Year.
your thoughts and advice appreciated.
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