Grant Thornton’s partners vote to join Grant Thornton Advisors multinational platform. Read more.
By: Simon Gow
24 Jun 2021 2 min read
The amendments extend the bring forward rule by enabling individuals aged under 67 at any time in the 2021 financial year (and later financial years) to make up to three years of non-concessional superannuation contributions under the bring forward rule. The bring forward rule was previously only available to those under age 65.
The non-concessional cap for the 2021 financial year is $100,000 increasing to $110,000 from 1 July 2021.
Eligibility to contribute non-concessional contributions is also dependent upon your superannuation balance at 30th June of the previous financial year and previous contributions made.
This legislation takes effect from 1 July 2020 allowing an opportunity to contribute before 30 June 2021 if eligible.
If you have any queries or would like to discuss this further please contact us.
The announced 30 per cent minimum tax on discretionary trusts creates significant challenges for private groups.
As professional services firms sharpen their focus on growth, scalability and succession, they’re beginning to revisit whether their existing operating structure is still fit for purpose. Changing your structure should be a strategic decision that can influence risk management, capital allocation, talent retention and long-term legacy, incorporation goes beyond a tax discussion.
There is positive news for individuals looking to grow their superannuation balance. In addition to the general transfer balance cap increasing from $2m to $2.1m, the concessional and non-concessional contribution caps are also set to increase from 1 July 2026.
