Bring-forward rules allow you to bring forward up to two years of non-concessional contributions.
The following articles refer to Bring-forward rules and superannuation.
Q: Under the 2-year bring-forward of non-concessional contributions, if a person makes a contribution of $150,001 when age 64, he can continue to contribute the balance of the $450,000 anytime during the next 2 years without having to satisfying the work test, is that right?
The short answer is no, even [...]
Superannuation contributions can be divided into two types — concessional (before-tax) and non-concessional (after-tax). Each type of super contribution is subject to a contributions cap (see table below). A contributions cap sets a limit on the amount of contributions you can make in any one year. If you exceed the cap, your excess contributions are [...]
Q: If you turn 65 and retire after 1 July 2009, can you still make the $450,000 bring-forward non-concessional contribution as long as it’s before June 30th 2010? Or do you have to satisfy the work test to do so?
Trish’s response: For the benefit of other readers, I’ll first explain [...]
Q: My wife will turn 60 later on this month and it has always been my intention to cash out her portion of our small self managed super fund (SMSF) and re-contribute it straight back in so as to ensure that when she and I pass away, our children are not [...]
Q: Are the caps relating to ‘concessional’ and ‘non-concessional’ contributions regarded as separate? Put simply, can I contribute $50,000 concessional and $450,000 non-concessional sums (a total contribution of $500,000) to my super fund for the 2009/2010 year?
A: ‘Yes’ is the answer to the first part of the question. The [...]
You can make two types of superannuation contributions and each type of contribution has a separate limit.
Concessional contributions: Before-tax contributions, such as salary sacrificed contributions and personal tax-deductible contributions, are known as concessional contributions. The limits for this type of contribution are set out in the table below.
Concessional [...]
Q: I read your article ‘The short story on super contribution limits’. I can see that for people between 50 and 74, the concessional contribution cap is $50,000 / year and that for non-concessional contribution, the cap is $150,000.
Anyone under the age of 65 can make super contributions without having to satisfy a work test. If you’re aged 65 or over, however, you’re subject to additional rules when making super contributions.
Here are ten tips to help you understand the super contribution rules for over-65s.
Anyone aged 65 or over must satisfy a work test, [...]
Q: I understand the three-year bring-forward rule that allows you to contribute up to $450,000 in after-tax contributions. My question is: What date does the second three-year period start? For example, if I contributed $450,000 on 1 Dec 2008, does that mean I can contribute another $450,000 after 1 July 2011 (or should it be [...]
In one of the more sneaky Budget tricks conjured by the Government, the non-concessional contributions cap has been cut by $15,000 for the 2009/2010 year, and the bring forward cap cut by $45,000. (Non-concessional contributions are voluntary contributions not claimed as an income tax deduction by you or your employer.)
If you [...]
Note: This article has been superseded by the Federal Budget changes. Please see the articles listed below for more up-to-date information.
Budget changes hit hard for super savers
Budget 2009 snapshot for super savers and retirees
The contribution caps for concessional (before tax) and non-concessional (after tax) contributions have increased for [...]
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more