transfer balance cap

Transfer balance account report now available

A transfer balance account report (TBAR) has been developed by the ATO to capture the new information super providers need to provide. The new TBAR and relevant instructions are now available from the ATO website. It adds that it is planned to have an online TBAR form available from next January, although you can download

[ Read More ]

Transfer balance cap modifications for certain income streams

Writing for Tax & Super Australia’s superannuation journal The Contributor, Gabriela Rusu from GR Super, an independent self-managed superannuation fund (SMSF) service provider, says that the imposition of the $1.6 million transfer balance cap on retirement phase income streams is one of the most significant changes to super that will apply from 1 July 2017.

[ Read More ]

Super’s new $1.6m transfer balance cap — what counts towards it?

The transfer balance cap applies to the total amount of superannuation that has been transferred into retirement phase. The balance of assets in pension phase can be held across several accounts, so the number of accounts is immaterial. The amount of the lifetime cap will start at $1.6 million, and will be indexed periodically in $100,000

[ Read More ]