Extension of the bring-forward age up to 67

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.

 

 

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First and foremost, we’re accountants. But we like to think of ourselves as a lot more. We work closely alongside business owners to bring more clarity, direction, and support, improving elements of your life beyond just the business. And, with our firm’s history in the Townsville area going back to the 1950s, we’re an established part of the local business community. We take that responsibility seriously.

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