Overview
From 1 July 2021, the general transfer balance cap will be indexed to $1.7 million. The personal transfer balance cap for individuals will vary and is dependant upon their circumstances, ranging from $1.6 million and $1.7 million.
For more information, see TBAR Indexation.
In line with the Transfer Balance Cap indexation of 1.7mil on 01/07/2021, the Total Superannuation Balance threshold has been changed in calculating the 3-year Non-Concessional Contribution Bring Forward Cap.
These changes have now been reflected in the Simple Fund 360.
You will be able to manage and view these caps through the Contribution Dashboard and Contribution Breakdown Report.
What would members be able to contribute?
From 01/07/2021, to access the bring forward rule, the individual must be below the age of 67 years at any time in a financial year.
Legislation changes for the 2022 FY
Note that due to legislation changes, from 01/07/2022 individuals below the age of 75 will have access to the bring forward rule. For more information, see the ATO article on Non-concessional contributions.
The following is a breakdown of what a member is able to Contribute as non-concessional contributions from 01/07/2021 relative to their Total Super Balance.
|
Total Superannuation Balance
|
Contribution and bring forward available
|
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$1,700,000 or over
|
$NIL
|
|
$1,590,000 to $1,700,000
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$110,000 (no bring forward available)
|
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$1,480,000 to $1,590,000
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$220,000 (available over 2 years)
|
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Less than $1,480,000
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$330,000 (available over 3 years)
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If an individual has triggered a bring forward arrangement before 1 July 2021, they will not have access to any additional cap space as a result of the increase to the non-concessional cap.