Ray is aged 62, works full time as a lecturer and is likely to continue working for at least another 4 years. Ray consults you for the first time on 16 April 2022, he informs you that he has just inherited $700,000 from his mother and has heard that superannuation is an appropriate place to invest the funds. His total super balance on 30 June 2020 is $900,000. He contributed $110,000 non-concessional contributions to his super fund during the financial year 2020.

REQUIRED:

(a) What is the maximum amount of the inheritance he can contribute to superannuation in the financial year 2022?

(b) Advise Ray on the maximum amount of non-concessional contributions he can make over the 2022 and 2023 financial years in order to maximize the total balance in his superannuation account. Provide a brief explanation.