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Tax and other useful facts

Bringing forward non-concessional contributions

Section: 6.14

6.14 Bringing forward non-concessional contributions

If a member is under age 67* at any time during a financial year, they are able to bring forward up to two years' worth of non-concessional contributions (i.e.,3 x the annual non-concessional cap# in one financial year), depending on an individual's total superannuation balance on 30 June of the previous financial year. There is no requirement to elect to use the bring-forward rule. It is automatically triggered in the first financial year in which a non-concessional contribution exceeds the annual cap.

It should be noted that members with balances close to the total superannuation balance (TSB) limit are only able to bring forward non-concessional contributions up to that limit.

*The Treasury Laws Amendment (More Flexible Superannuation) Bill 2020 was passed by Parliament on 17 June 2021. The Bill increased the maximum age the bring forward rule can be triggered to the year the individual turns 67. Prior to this change the last year the bring forward rule could be triggered was the year the individual turned 65.

# Non-concessional cap (NCC) and Total superannuation balance (TSB)

The following table sets out the bring-forward cap and bring-forward period depending on the individual's total superannuation balance on 30 June of the previous financial year:

Financial year Non-concessional cap (annual) Total Superannuation Balance (TSB)
1 July 2021 and later years $110,000 $1,700,000
1 July 2017 - 30 June 2021 $100,000 $1,600,000

Bring-forward period from 1 July 2021

From 1 July 2021
Total super balance on 30 June of the previous year Non-concessional contributions cap for the first year Bring-forward period
Less than $1.48 million $330,000 3 years
$1.48 million to less than $1.59 million $220,000 2 years
$1.59 million to less than $1.7 million $110,000 No bring-forward period, general non-concessional contributions cap applies
$1.7 million or more nil Not applicable

This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements.

Last modified: Friday, July 9, 2021