The Treasury Laws Amendment (More Flexible Superannuation) Bill 2020 has now passed both Australian Houses of Parliament with amendments. This Bill enables those individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring forward rule. This can be backdated to 1 July 2020 as originally proposed.
The amendments to the Bill now include:
- The removal of the excess concessional contributions charge that applies to the additional tax payment on amounts exceeding the concessional contributions cap
- The opportunity to re-contribute amounts released under the Covid-19 early release of super measure back into super without penalty.
The amounts re-contributed above will not count towards the non-concessional cap.
These amendments will come into effect on 1 July 2021.
If you have any questions on this Bill or if there’s anything else that we can help you with, please do email us at firstname.lastname@example.org or contact your financial adviser directly