Legislation has finally passed to increase the eligibility age for the bring-forward rule, which may provide new contribution opportunities.
What's changed
Clients aged less than 67 (previously 65) at the start of a financial year may now trigger the bring-forward rule in 2020/21 or a future financial year. This change allows those aged between 65 and 67 to amalgamate 3 years of non-concessional contributions and contribute up to $300,000 to super in one go.
There is no change to the other eligibility rules, such as the total super balance (TSB) requirements, which also limit the ability to make non-concessional contributions (NCCs). The work-test still applies for contributions made on or after the 67th birthday (unless eligible for the work-test exemption).