Bring forward rules

[#1]

Hi All

My wife turned 65 on 1 August 2020 so was 64 at the start of the financial year. She is retired and has not worked this financial year.

Can she contribute 300k using the bring forward rule without working before 30 June 2021.

Thanks NT

[#2 · Accepted solution]

You wife's age will not prevent her from making the contribution.

Current law is:

1. The work test does not apply if you are under 67 at the time you make a contribution; and

2. You only need to be under 65 for at least one day of the financial year to satisfy the age condition relating to the bring forward rule.  There is a proposal currently before Parliament to increase this age to "under 67".

Your wife eligibility to bring forward amounts  to the current year depends on her total super balance at 30 June 2020, see details on this page.

[#3]

Thank you Glenn