Bring Forward Contributions

The ability to bring-forward future year entitlements to make non-concessional contributions has been in place for many years now. Prior to 1 July 2020 this could be done by anyone who was under 65 on 1st of July and met the total superannuation balance test and in certain circumstances the work test, all discussed below. Legislation was passed to increase the age from 65 to 67 years of age, effective from 1 July 2020. From 1 July 2023, if you are aged under 75 years at any time in the financial year, you may be eligible subject to conditions we will go through.

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Understanding super terminology

An individual’s Transfer Balance Cap (TBC) and Total Superannuation Balance (TSB) are calculated differently and are separate concepts. When the

Excess Concessional Contributions

The concessional contribution cap is $30,000 from 1 July 2024. With the ability to carry forward unused concessional contributions over

Excess Non-Concessional Contributions

The non-concessional contributions cap is $120,000 from 1 July 2024, however the ability to contribute to super is dependent on

Implications of Late Lodgement of your SMSF Annual Return

The SMSF Annual Return is an important document that covers the income tax return, regulatory information and member contribution reporting;

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