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Extension of the bring-forward age up to 67

For eligible individuals who make contributions above the annual non-concessional contributions cap, the bring-forward arrangement allows them to access future years caps and make extra non-concessional contributions without having to pay extra tax.

Previously, the bring-forward measures allowed those people under the age of 65 to make non-concessional contributions at any time in any financial year up to three times the annual non-concessional contributions cap in that financial year.

The bring-forward rule has now been amended and extended to individuals under the age of 67 and became effective from 1 July 2020.

This means individuals may be able to make up to three years’ worth of non-concessional contributions in a single year, which for 2021/22 could be up to $330,000.

 

 

Acctweb

Article Date: February 15, 2022

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W Marshall & Associates 64 Jolimont Street, East Melbourne VIC 3002

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