Three years bring forward superannuation - is this right?

This is the exact question I am having. I am doing cash out right now. so will have 660K to put into super (to pay off investment property I bought recently). so I would use the allowed amount for FY22, FY23 and FY24.

once I did that (for both wife and me) then in July 2022, would I be able to transfer another $110K? As I would use the allowed amount of FY25.

 

Exceeding the yearly non concessional contributions cap triggers a bring forward arrangement. Once triggered, the cap applies until it expires. Eg if you contribute 330k in July. You cannot make a non concessional contribution again for 3 years.

You can contribute 440k by doing a 110k non concessional contribution before June 30 and then 330k on July 1st.

Staying within the non concessional cap you can contribute 110k every year without triggering a bring forward arrangement, as long as you don't exceed the total super balance cap (1.7m) as of June 30 the previous year.

Further reading
Super contributions - too much can mean extra tax

 

Thank you Hockey.

I read that page as well but I miss this part "are not already in an active bring-forward period"

For the 2020–21 financial year and later years, to access the non-concessional bring-forward arrangement you must meet all these conditions. You:

are under 67 years old for at least one day during the triggering year (the first year)
contribute more than the annual cap ($100,000 from 2017–18; $110,000 from 2021–22)
are not already in an active bring-forward period
have a total super balance at the end of 30 June of the previous financial year that
is less than the general transfer balance cap ($1.6 million from 2017–18; $1.7 million from 2021–22)
has a capacity greater than the annual non-concessional contributions cap ($100,000 from 2017–18; $110,000 from 2021–22). For example, for 2020–21 your total super balance at the end of 30 June 2020 must be less than $1.5 million.

 

Depend on your age and some other factors. In addition to the $110K non-concessional cap there is also the concessional cap AND the unused concessional carry forward amounts which may mean that cap is more than the standard amount. This is a area of advice where personal fianncial (licensed) advice is absolutely essential. Even a tax agent cannot answer the question/s

 

Mygov does a good job at showing the state of your various caps, bring forward and carry forward amounts

 

Just an additional comment on making use of the unused concessional carry forward amounts there are two limiting factors are which limit your ability to make use of any extra contribututions :-

• Your total super balance at the end of 30 June of the previous financial year is less than $500,000.
• You made concessional contributions in the financial year that exceeded your general concessional contributions cap.

 

In arrears...when its updated after year end. It is not live and highly unreliable for curent year contributions and those mprojected to occur by year end. Some funds are also not shown eg defined benefit funds and notional contributions.

 

Agree for DB funds it’s not live but I’ve found DB and notional contributions are added to myGov /ATO once the fund submits data to ATO. This is usually some months after June close however.

 

Yes. The member may need to look at a prior year to understand what, if any, available cap might be left. Unlike accumulation fund members the contributions are notional