Author: Bruce4Tax(Taxicorn)Taxicorn 16 Apr 2022
You should be able to use bring forward before age 75 anyway?
How the bring-forward arrangement works
From 1 July 2021
The amount of the non-concessional contributions cap you can bring forward is either:
- three times the annual non-concessional contributions cap over three years (that is, $330,000) if your total super balance on 30 June of the previous financial year is less than $1.48 million
- two times the annual cap over two years (that is, $220,000) if your total super balance on 30 June of the previous financial year is above $1.48 million and less than $1.59 million
- nil ($0) if your total super balance is $1.59 million or above.
These limits are based on the:
- non-concessional contribution cap of $110,000
- total super balance in relation to the general transfer balance cap of $1.7 million.
The following table represents the bring-forward arrangement for the first year.
Table 3: Bring-forward period
Total super balance on 30 June of previous year
Non-concessional contributions cap for the first year
Bring-forward period
Less than $1.48 million
$330,000
3 years
$1.48 million to less than $1.59 million
$220,000
2 years
$1.59 million to less than $1.7 million
$110,000
No bring-forward period, general non-concessional contributions cap applies
$1.7 million or more
nil
Not applicable
https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/super-contributions---too-much-can-mean-extra-tax/?page=10
Thanks Bruce. From the reference you cited for the bring-forward rule, I have extracted a clause that I thought precluded me from using the bring forward arrangement after age 67, even if I had passed the work test:
"1 July 2020 – 30 June 2022
If you are 67 years old or older on 1 July, you cannot access the bring-forward arrangement in that financial year. ..."
1,201 views
2 replies