How to view your Transfer Balance Cap

From 1 July 2017 a cap was introduced to limit how much can be transferred to a retirement phase pension for a member (and be entitled to tax free earnings), this is the General Transfer Balance Cap (GTBC). It started at $1.6 million, was indexed to $1.7 million from 1 July 2021 and will be indexed to $1.9 million on 1 July 2023.

If you commenced your first retirement phase pension prior to 1 July 2021, you had a Personal Transfer Balance Cap (PTBC) of $1.6 million. Proportional indexation can now apply in some circumstances which complicates matters. If you commenced your first retirement phase pension after 1 July 2021, but prior to 1 July 2023, then you had a PTBC of $1.7 million. If you commence your first retirement phase pension from 1 July 2023, then you will have a PTBC of $1.9 million. For more information on how to calculate indexation refer to our fact sheet Indexing the Personal Transfer Balance Cap. Due to the complexity, it’s important to understand which transactions impact on your PTBC and whether indexation applies to you.

To read this fact sheet in its entirety download the PDF version here.

Guide to Pensions in SMSFs

When a member meets a condition of release, they become eligible to commence a pension using some or all of

Valuations for Year End Reporting

It is a legal requirement that all SMSFs record and report all assets at market value. Failure to report assets

Guide to Transition to Retirement Pensions in SMSFs

When a member meets a condition of release, they become eligible to commence a pension using some or all of

Transfer Balance Account Reporting

Transfer Balance Account Reporting From 1 July 2017, three inter-related concepts were introduced to Superannuation. • Transfer Balance Cap (TBC)

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