Whether you’re still building up your retirement savings or already living on them, these strategies can help your nest egg last longer.
, the last thing you want is to be unaware of a change and miss out on an opportunity you didn’t know existed.
However, you cannot contribute if your total superannuation balance was $1.7 million or more on June 30, 2022.The non-concessional contribution cap is $110,000. However, if you haven’t triggered the bring-forward rule in the past two financial years and you were under 75 as of July 1, 2022, you may contribute up to $330,000 or up to $220,000 .
Utilising unused cap amounts can be extremely useful where you need to make a large one-off contribution to reduce capital gains tax arising from, say, the sale of an investment property.You may be eligible to make a downsizer contribution of up to $300,000 if you sell a home that you or your spouse owned for at least 10 years and contribute the proceeds within 90 days of settlement.
On July 1, the general TBC could be indexed by $100,000 to $1.8 million given recent movements in the CPI.
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