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Auditors Institute

Oct 20, 2020

Edited: Oct 29, 2020

Extending Bring Forward Contributions To Age 67

in SMSF Technical Forum

Has the bill proposing the extension of the bring-forward of non concessional contributions passed in the Senate? The bill allows eligible individuals to utilise the bring-forward rules up to age 67 (currently 65), without satisfying the work test and without being treated as an excess non-concessional contribution.

Sam Marotta

1 comment

Comments (1)

THE AUDITORS INSTITUTE

Feb 11, 2021

The legislation has not yet passed to bring this change into effect. Regulation 7.04 1A has been added to the SIS regulations to state that if a member is not under 65 but is under 67 then they can make member (or employer contributions) & not have to meet the work test. This change applies to contributions from 1 July 2020. However we are still waiting on the Income Tax Assessment Act (ITAA) to be amended to allow those aged 65 & 66 to be able to bring forward non concessional contributions. This legislation is still before the Parliament. (Note: the legislation was introduced to the House of Representatives on the 13/5/2020 & at 12/2/2021 is currently before the Senate)

SMSF AAA