Non-concessional contributions: bring forward rules

It was a close thing but the changes to NCC bring forward rules received Royal Assent on 22 June 2021.

It applies retrospectively for the 2021 year.

Until now, clients found it difficult to make very large contributions once they had turned 65. The legislation now allows anyone to make up to $330,000 in non-concessional contributions in a single year, provided they are aged less than 67 at the start of that financial year.

Naturally, there is more devil in the detail, but the change will definitely be a benefit to a number of our clients. We will review and explain over the course of this financial year.