Join now
Log in

October 2024 Super booster newsletter

How to make the most of your super contributions
Growing your retirement savings needs the right mix of super contributions. Some case studies may help you start thinking about what’s right for you. Read more
How to make the most of your super contributions
Growing your retirement savings needs the right mix of super contributions. Some case studies may help you start thinking about what’s right for you. Read more
Balanced, Growth, Defensive: What’s in a name?
If you are confused about the meaning of super investment option labels like Balanced, Growth and Defensive you’re not alone. Even the funds can’t agree. Read more.
Balanced, Growth, Defensive: What’s in a name?
If you are confused about the meaning of super investment option labels like Balanced, Growth and Defensive you’re not alone. Even the funds can’t agree. Read more.
How do tax-deductible superannuation contributions work?
Making a tax-deductible super contribution can be a great way to boost your retirement savings. Find out whether they could be the right strategy for you. Read more.
How do tax-deductible superannuation contributions work?
Making a tax-deductible super contribution can be a great way to boost your retirement savings. Find out whether they could be the right strategy for you. Read more.
Retiring early due to ill health? 6 steps to stay on track
Retiring early due to poor health can really have an impact on your retirement plans and finances, so here’s 7 tips on what to consider. Read more.
Retiring early due to ill health? 6 steps to stay on track
Retiring early due to poor health can really have an impact on your retirement plans and finances, so here’s 7 tips on what to consider. Read more.
Super fund performance: Monthly returns to June 2025
Super funds navigated wave after wave of uncertainty to deliver an extraordinary return of 10.5% in the year to June 30. Read more.
Super fund performance: Monthly returns to June 2025
Super funds navigated wave after wave of uncertainty to deliver an extraordinary return of 10.5% in the year to June 30. Read more.
Super news for October 2024
Payday super toughened, SMSFs take to pension phase, Vanguard’s $12.9 million greenwashing penalty, Tax deductible advice fees. Read more.
Super news for October 2024
Payday super toughened, SMSFs take to pension phase, Vanguard’s $12.9 million greenwashing penalty, Tax deductible advice fees. Read more.

Advice options for planning your retirement

Thursday 21 November 2024 at 4:30 pm AEDT

The vast majority of Australians plan and start their retirement without any advice, with cost and trust being the main barriers. In this webinar we explore some of the key options for advice and guidance, including from financial advisers, super funds, retirement coaches and retirement income modellers.

Q: I contributed $220,000 to my SMSF as a non-concessional contribution in the 30/6/2024 year. My TSB at 30/6/2023 was less than $1.68m. I triggered the bring forward rule in 2024, expecting to be able to make a further $110,000 in the 30/6/2025 year (reaching and exhausting my cap of $330,000). Note: I meet all other eligibility criteria for NCC.

My TSB for 30/6/2024 is now greater than $1.9m due to the prior year NCC and also strong investment performance during 2024.

I had previously understood my 30/6/2024 TSB was irrelevant to my intended 2025 NCC, as I had already triggered the bring forward rule and my cap and period was set but I think I am now reading that I cannot make the further NCC of $110,000 because the TSB at 30/6/2024 is above $1.9m. Is this correct? Has this always worked like this and I simply did not understand or is this a change to the way bring forward NCCs work?

A: As your TSB was higher than $1.9 million on 30 June 2024, any non-concessional contribution you make this financial year will be deemed to be excessive. Having a bring-forward period in place unfortunately does not change the situation.

The remaining cap for the second or third year of a bring-forward arrangement is reduced to nil for a financial year if your total super balance is greater than or equal to the general transfer balance cap (currently $1.9 million) on 30 June of the prior financial year.

This interaction between the bring forward rule and your total super balance has been in place continuously since the transfer balance cap was introduced in 2017.

Interested in super investments that align with your values? Discover how to find out where your money is going and what you can do to make your super more socially aware.

Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629.