Friday, 01 September 2017 11:18

Transfer balance cap

The transfer balance cap applies from 1 July 2017. It is the new limit on the total amount of superannuation that can be transferred into the retirement phase from the accumulation phase. All your account balances will be included when working out this amount. It does not matter how many accounts you hold these balances in.

You can continue to make multiple transfers into the retirement phase as long as you remain below the cap.

The transfer balance cap will start at $1.6 million. It will be indexed periodically in $100,000 increments in line with CPI. The amount of indexation you will be entitled to will be calculated proportionally based on the amount of your available cap space. If, at any time, you meet or exceed your cap, you will not be entitled to indexation.

If you have any questions or doubts, please do not hesitate to contact Eternity Group Accountants.

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