Bring forward rule: 10 facts you should know
I receive a lot of questions from readers seeking information about how the non-concessional (after-tax) super contributions rules work; in particular, how the bring-forward rule works.
Your 2011/2012 guide to non-concessional (after-tax) contributions
Non-concessional contributions are more popularly known as after-tax contributions. You may even hear them called ‘undeducted’ contributions. Such contributions are subject to a contributions cap, which sets a limit on the amount of after-tax contributions that you can make in one year.
Non-concessional contributions: Tread carefully when age 63 or 64 or 65
Q: I am 64 and want to take advantage of the bring-forward rules when making non-concessional contributions. I turn 65 sometime during the 2011/2012 financial year. There is a possibility that I will be able to dispose of a property during the financial years 2011/2012 or 2012/2013.
Does the Government’s co-contribution count towards my contributions cap?
Q: Does a co-contribution received after using up the total bring forward cap of $450,000 mean that an excess contribution has been made, or is the Government co-contribution excluded from the after-tax contribution cap?
Concessional contributions: Turning 50 is all about timing
Q: I was born in April 1961 (turning 50 in April 2011). Can you explain which financial year I am considered to be over 50 in relation to the $50,000 concessional contributions cap?
THE SOAPBOX: Show mercy on contributions caps, for votes’ sake
In the May 2010 Federal Budget, the Government announced that the ATO would have discretion to deal with Australians who exceeded contributions caps, but… wait for it… only from the 2010/2011 year. Come on guys!
