SUPERANNUATION AND FINANCIAL PLANNING

Super proportional indexation of transfer balance caps

The general transfer balance cap is being reminded by the ATO that it will be adjusted on July 1, 2023. Based on the greatest ever balance of their transfer balance account between July 1, 2017 and June 30, 2023, individuals will have a personal transfer balance cap between $1.6 and $1.9 million.

When will we display the indexed amounts?

Despite the fact that indexation will take place on July 1, 2023, the ATO won’t start showing members’ updated personal transfer balance caps until July 11, 2023.

All SMSFs are urged by the ATO to record any activities that took place before July 1, 2023, by June 30, 2023. This is done to guarantee that the calculations used to determine a member’s personal transfer balance cap are accurate and current.

From 11 July:

If the ATO receives reports of events effective before July 1, 2023, the member’s personal transfer balance cap will be reassessed after July 11, 2023.

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