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Re: Bring it forward rule

Newbie

Views 1095

Replies 5

Re: bring it forward rule

How much over $100K is needed to trigger? Once triggered am I able to contribute up to $300k within the following three years or must it be within one FY? 

Many thanks

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 0

Hi @margaux 

Bruce4Tax makes some good points. There are a few other things it is important to know when contributing non-concessional contributions. The year you trigger the Bring Forward provisions you must be under the age of 65 at some point during that financial year. If not your cap is $100000 and going over by $1 will mean you are in excess of your non-concessional cap. To make non-concessional contributions your Total Super Balance must be less than $1.6 million dollars. This includes superannuation in pension phase.

I hope this is of assistance.

Regards

ClareN

5 REPLIES 5

Taxicorn Registered Tax Practitioner

Replies 4

How much over $100K is needed to trigger?

 

$ 1

 

 

Once triggered am I able to contribute up to $300k within the following three years or must it be within one FY? 

 

Over 3 years, including the year $ 100 K was exceded.

 

 

Most helpful response

Former Community Support

Replies 0

Hi @margaux 

Bruce4Tax makes some good points. There are a few other things it is important to know when contributing non-concessional contributions. The year you trigger the Bring Forward provisions you must be under the age of 65 at some point during that financial year. If not your cap is $100000 and going over by $1 will mean you are in excess of your non-concessional cap. To make non-concessional contributions your Total Super Balance must be less than $1.6 million dollars. This includes superannuation in pension phase.

I hope this is of assistance.

Regards

ClareN

Newbie

Replies 2

Does my age affect this? I turned 65 in Sept, 2020 so was 64 for part of current FY. 

If I initiate the Bring it Forward Rule prior to June 30 with a contribution of just over $100K can I make a further contribution (inheritance) next FY if I meet the work test? I have had differing opinions re: having to make the contributions in one FY or over three years. 

I am under the $1.6million cap. 

Taxicorn Registered Tax Practitioner

Replies 1

Does my age affect this? I turned 65 in Sept, 2020 so was 64 for part of current FY. 

 

Sept 2020 or Sept 2019?

 

If you turned 65 in Sept 2019, then you will need to pass the work test in order to make a contribution at all.

 

After 30 June 2020, work test age limit will be lifted to 67.

 

You need to get advice, considering your particular circumstances,   from some-one who is licensed to provide it.

 

 

Newbie

Replies 0

I turned 65 Sept, 2019.
I can satisfy the work test this FY and next.