Contribution planning for 2016/17

If you have not triggered the bring-forward in respect of 2016/17 and you are under age 65 at any time during the 2016/17 financial year, this is the last financial year in which you can make $540,000 of ordinary non-concessional contributions.  As the total superannuation balance rule only applies from 1 July 2017, it is irrelevant whether your current superannuation balance is less or greater $1.6m.

If you do make $380,000 or more of non-concessional contributions before 1 July 2017, you will not be able to make any ordinary non-concessional contributions in respect of the 2017/18 and 2018/19 financial years.  

If you make less than $380,000 of non-concessional contributions before 1 July 2017, the maximum amount of non-concessional contributions which you can make in the 2017/18 and 2018/19 financial years is the shortfall between the non-concessional contributions which were made during the 2016/17 financial year and $380,000.  Further, whether you can make all or part of the shortfall will depend on your total superannuation balance being less than $1.6m.