The bring-forward rule allows you to bring forward two years of non-concessional cap therefore you can contribute a maximum non-concessional contribution of $300,000 (instead of the $100,000 annual cap).
To be eligible you must meet the following criteria:
- You must be under 65 at some point in the triggering year (there is legislation currently proposed to lift this age to under 67)
- Your total super balance at the beginning of that year must be at no greater than $1.5 million
The available amount and period of bring-forward is also determined by the value of your total superannuation balance:
- Total super balance greater than $1.6 million has no available non-concessional cap
- Total super balance between $1.5 million and $1.6 million has the standard cap of $100,000 and no bring forward period.
- Total super balance between $1.4 million and $1.5 million has a cap of $200,000 with a bring forward period of 2 years.
- Total super balance less than $1.4 million has a cap of $300,000 and a bring forward period of 3 years.
- The applicable total superannuation balance is measured as at 30 June of the previous financial year.