With effect from 1 July 2020, if you are under 67 years of age at any time in a financial year, you may be able to make a non-concessional contribution up to three times the annual non-concessional contribution cap in that financial year depending on your Total Superannuation Balance (TSB).
The annual non-concessional contribution cap amount has increased from $100,000 to $110,000 per year from 1 July 2021. The three years bring forward rule limit has also correspondingly increased from $300,000 to $330,000 from 1 July 2021.
Unfortunately, the indexation of the total superannuation balance (TSB) on 30th June 2021 adds an additional layer of complexity in establishing the quantum of non-concessional contribution that a trustee can contribute to the self-managed superannuation fund.
We have summarized these rules in the flowchart below to ensure that the trustees have clarity as to how these contribution rules operate.