Transfer Balance Cap increase 1st July 2021
We have had enquiries on the increase of the general transfer balance cap, the amount of super that can be in pension phase, from $1.6 million to $1.7 million from 1 July 2021.
When the general transfer balance cap is indexed to $1.7 million, there will not be a single cap that applies to all individuals. Every individual will have their own personal transfer balance cap of between $1.6 and $1.7 million, depending on their circumstances.
When we are reviewing your 2021 SMSF compliance and tax work, we will advise you what your individual caps will be. Until then we are unable to advise on an individual basis.
We will be in touch in due course and should you have any queries in the meantime, please contact our office at.
For additional details please review the information above, and more, at: https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-using-your-super/Indexation-of-Transfer-balance-cap/.