Legislation extending the age at which members can trigger the non-concessional ‘bring-forward’ rule has passed both Houses of Parliament and awaits Royal Assent.

Under the new rules, clients can trigger a bring-forward period from 2020/21 onwards if they are under age 67 (previously age 65) on 1 July at the start of the relevant financial year.

This is good news, as it provides more opportunities for people to make non-concessional contributions later in life. In addition, it provides certainty that additional contributions made in the hope that the legislation would be passed will be assessed under the new rules.

For further information on which categories you may benefit from making additional non-concessional contributions before the end of June, contact us on 03 8648 6534 or email contact@truwealthadvice.com.au