Non-Concessional Contribution Bring Forward Rule for < 75 year old’s from 2022/23
Understand the limitations of the new Non-Concessional Contribution Bring Forward Rule for < 75 year-olds
On 27 October 2021, the Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021 (New Legislation) was introduced into Federal Parliament. Amongst a number of tax and superannuation measures included in the new legislation is an extension of the maximum 3 year non-concessional contribution bring forward rule (bring forward rule) in s 292-85 ITAA 1997 from 1 July 2022 to include individuals aged < 75 years at any time in the relevant contribution year (see page 2 below for further details).