Previously the general transfer balance was capped at $1.6 million.
However effective from 1 July 2021, the general transfer balance will be indexed to $1.7 million.
It is worth mentioning everyone will have different transfer balance caps, and their caps will range between $1.6 and $1.7 million depending on the following:
Individuals who commence a retirement phase income stream for the first time on or after 1 July 2021, will have a personal transfer balance cap of $1.7 million.
Individuals that already had a transfer balance account between 1 July 2017 and 30 June 2021 and their balance was $1.6 million or more, will continue to have a personal transfer balance cap of $1.6 million and those that also had a transfer balance account between 1 July 2017 and 30 June 2021 but their balance was less than $1.6 million, will have a personal transfer balance cap between $1.6 and $1.7 million, determined by factoring indexation on the unused portion of the transfer balance cap.
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