Recently passed by Parliament is the Treasury Laws Amendment (More Flexible Superannuation) Bill 2020.

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.   

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