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No phase out for bring forward rule
There will be no phase out of the bring forward rule for individuals approaching age 75 for non-concessional contribution, according to the SMSF Association.
The association said Treasury confirmed to it that under the proposed extension there would be no phase out as it was initially thought an individuals’ entitlement to bring forward their non-concessional contributions would be phased out as they approached age 75.
“Treasury has confirmed that the amendments, which are currently before Parliament, simply move the current cut-off age for the bring forward rule from needing to be under age 67 to needing to be under age 75 from 1 July, 2022,” it said.
“The SMSF Association applauds Government for adopting an approach that doesn't add further complexity to our superannuation system.”
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