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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
The bring forward rule does NOT have any personal tax impications.
Hi Mark, than you for sharing your thoughts on our article. Everyone’s financial circumstances are different and although it is possible to take advantage of the ‘Bring Forward’ rule without any tax implications, it is not guaranteed. Anyone who is unsure how they may be impacted should speak with their tax agent to understand their unique situation.
Hi
Providing I have not made any non-concessional contributions for 2 years is it possible on the third year to contribute $330,000 counting for the years missed?
Regards Chris
Hi Chris, thank you for joining the conversation! Unfortunately it doesn’t work that way, if prior years’ caps are not used they are forfeited.
Hi there,
I am 70 and currently receiving a part pension. I intend to sell some shares; transfer funds into my super account and then establish a fortnightly income transferring 270,000 into an account based pension account. If i do this in financial year ended June 2023, will I be able to transfer a further 60K in financial year 2024, with no tax consequences? I understand that I would have to start up an additional account based pension account with the 60k starting balance.
Hi Gary, thanks for your query! We would not be able to give you a simple yes/no answer in this forum as doing so would be considered ‘advice’. Our financial advisers would be able to clarify this and more for you via a consultation. Our financial advice consultations are designed to help you better understand your needs and goals in retirement and some of the actions you can consider to help you achieve those goals. The consultation can be either online or via phone call, goes for up to 45 minutes and costs $150.
CLICK HERE to book now.
Hi, if the bring forward provision has been used once, but the 3 year period has since expired, can the bring forward provision be used a second time. For example if $200k was contributed 3 years and and that 3 year period comes to an end on the 1st Aug 2023, could a further $330,000 be contributed – subject to the cap not being breached ?
Hi Mal, thanks for reaching out! It may be possible to use the Bring Forward Rule more than once, but it will depend on your age, total super balance and other specific details relating to your situation. To understand the rules better I would encourage you to make an Advice Consultation appointment with one of our financial advisers who can discuss it in more detail and help provide some clarity around the scenario. The consultation can be either online or via phone call, goes for up to 45 minutes and costs $150.
CLICK HERE to book now.