Superannuation bring-forward contribution

What is superannuation bring-forward contribution?

Bring-forward contributions are non-concessional contributions, so contributions for which you do not claim tax-deduction that you bring-forward from future years.

So this is like pre-paying, or paying in advance future years of your super non-concessional contributions. Under the bring-forward rules, providing that you have not triggered this rule yet, you are allowed to bring-forward 3 years’ worth of your non-concessional contributions. You have to check your total superannuation balance.

To make your bring-forward contribution you need to check your total super balance on 30 June of the previous financial year. And the total super balance (TSB) includes balances of all your superannuation accounts, rollover accounts, pension accounts. For 2021-22 financial year the TSB limit is $1.7mil.
Then depending on the TSB you can bring forward either 3 years, 2 years or just 1 year of annual cap limit.

Age Limit - As everything with superannuation, age can be a big limitation, so it is essential you are fully aware if you can or cannot use the bring-forward strategy. If you are below the age of 67, you have no problem, you can make a non-concessional contribution up to the annual cap and you can also use the bring-forward strategy, providing you haven't triggered it in prior years. You do not need to be working in order to make this contribution.

If you are pass the age of 67, that's where the problem starts, as you are required to meet the work test or work test exemption.
However, if you are 67 but under 75 you will be able to use the bring-forward contributions, obviously subject to your TSB, without having to meet the work test requirement. This will be available to you from 1st July 2022. Triggering bring-forward rule If you wish to make a non-concessional bring-forward contribution this financial year and contribute the full allowable cap, than you better check that you have not triggered a bring-forward arrangement in the previous two financial years.

Video mentioned today:
Catch Up Carry-forward Concessional Contributions:    • Catch Up Carry-forward Concessional C...  

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