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Super - Bring forward arrangement

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Hi! I am curious if somebody activated their bring forward arrangement in the 17/18 F/y by contributing say $120k (leaving $180k available to use) and they then turn 65 in this same financial year, going forward next financial year 18/19 could this person contribute the remaining $180k assuming they are meeting the works test? I'm aware a person can activate it in the year they turn 65 (works test being met if activating once 65) but does that allow them to use the remainder bring forward arrangment in subsequent years?

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Hi

 

Provided you are under age 65 for at least one day in the financial year (and your total super balance is below $1.4 million at 30 June 2017) you can trigger a three year bring forward contribution cap of $300,000 in the 2017/18 finanncial year by making a NCC of more than $100,000.  

 

You can then use the remainder of the bring forward cap either in the same financial year or the next 2 provided that for any contributions made after turning age 65 you have satisifed the 'work test' in that financial year. Your total super balance must also remain under $1.6 million at 30 June to use any remaining bring forward over the next 2 financial years. 

 

regards

 

Brooke 

 

 

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Hi @danbriz85,

 

Thanks for getting in touch! We've been in contact with a specialist area regarding your query and we hope to get back to you with a response as soon as possible.

 

Thanks.

Best answer

ATO Certified

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Hi

 

Provided you are under age 65 for at least one day in the financial year (and your total super balance is below $1.4 million at 30 June 2017) you can trigger a three year bring forward contribution cap of $300,000 in the 2017/18 finanncial year by making a NCC of more than $100,000.  

 

You can then use the remainder of the bring forward cap either in the same financial year or the next 2 provided that for any contributions made after turning age 65 you have satisifed the 'work test' in that financial year. Your total super balance must also remain under $1.6 million at 30 June to use any remaining bring forward over the next 2 financial years. 

 

regards

 

Brooke 

 

 

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