In this post we discuss the Bring Forward Rule.
Non-Concessional contributions provide a great way to get money into super quickly. Up to $150,000 can be contributed each year. This will increase to $180,000 from July 2014.
The Bring Forward Rule is non-concessional contributions on steroids. It allows a member of a super fund to contribute up to 3 years of non-concessional contributions in one year. So you could contribute up to $450,000 in the year ending June 2014. Here are a few things to beware of:
If you have any questions about the Bring Forward Rule then feel free to call us on 1300 546 300. We would be happy to assist.
Would you like to experience faster, easier, and better value SMSF actuarial certificates? Or do you prefer wasting time and paying too much? For a free trial, call us on 1300 546 300 and in a few minutes you will have your next Actuarial Certificate in your inbox.
THIS ARTICLE WAS CORRECT AT THE TIME OF WRITING. SMSF RULES CHANGE OVER TIME AND THE ARTICLE MAY BE LESS RELEVANT IN THE FUTURE.
Greg Einfeld has over 20 years’ experience in the Australian Superannuation and Financial Services industry. He has MEc and MBA degrees, is a licensed financial adviser, a qualified actuary, and specialises in Self Managed Super Funds (SMSF’s). He regularly presents on a variety of SMSF topics including investment, tax, estate planning, pensions, administration and strategies.