Technically Speaking: Understanding the Transfer Balance Cap series – Laying the foundations

November 7, 2023

Technically Speaking
Income streams

While the Transfer Balance Cap (TBC) was first introduced in 2017, to restrict the amount that individuals can transfer into retirement phase pensions, it operates under a nuanced framework of credits and debits – and monitored through a Transfer Balance Account (TBA).

But, did you know that there is both a general TBC and a personal TBC? And, did you know that a client’s personal TBC is unlikely to be the same as the general TBC? Do you know how the TBA tracks transfer balance events and how those events are reported?

In this first bulletin of an upcoming “Understanding the Transfer Balance Cap” series of Technically Speaking bulletins, we will answer all these questions (and more) as we lay the foundations for developing a deeper understanding of the TBC regime which will be built on in future bulletins

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Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association