Extension of the bring-forward age up to 67
For eligible individuals who make contributions above the annual non-concessional contributions cap, the bring-forward arrangement allows them to access future years caps and make extra non-concessional contributions without having to pay extra tax.
Previously, the bring-forward measures allowed those people under the age of 65 to make non-concessional contributions at any time in any financial year up to three times the annual non-concessional contributions cap in that financial year.
The bring-forward rule has now been amended and extended to individuals under the age of 67 and became effective from 1 July 2020.
This means individuals may be able to make up to three years’ worth of non-concessional contributions in a single year, which for 2021/22 could be up to $330,000.