MyGov Reporting Error
There is a problem with the MyGov reporting where members have made large non-concessional contributions in the two years between 1 July 2015 and 30 June 2017. This has caused some alarming, though incorrect, messages to members.
Essentially, prior to the reduction in the non-concessional limit from 1 July 2017, eligible members could contribute up to $540,000 under the 3 year bring forward provisions. The bring forward cap has been reduced for those whose bring forward period carries over to this financial year. This does not affect the members’ past eligibility to contribute at the higher cap that existed to the end of last year but MyGov does not currently recognise this and is advising “You have exceeded the bring forward cap and will need to pay extra tax at your marginal tax rate or higher.”
We understand that MyGov will be fixed before the end of the year.