{"id":5807,"date":"2021-01-29T10:15:39","date_gmt":"2021-01-29T00:15:39","guid":{"rendered":"https:\/\/www.www.walshaccountants.com\/?p=5807"},"modified":"2021-01-29T10:37:18","modified_gmt":"2021-01-29T00:37:18","slug":"transfer-balance-cap-increase","status":"publish","type":"post","link":"https:\/\/www.walshaccountants.com\/transfer-balance-cap-increase\/","title":{"rendered":"Transfer Balance Cap Increase"},"content":{"rendered":"\t\t
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From 1 July 2021 the Transfer Balance Cap* (TBC) will increase by $100,000 from $1.6M to $1.7M.\u00a0<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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However, only members who have\u00a0not yet<\/u><\/strong>\u00a0commenced a pension will be eligible for the full increase with a new cap of $1.7M.\u00a0<\/p>

If you have an already established pension, you will receive a proportional increase based on the unused portion of the cap.\u00a0<\/p>

If you have a Transfer Balance Account** (TBA) of $1.6M or more, therefore having 0% of unused cap, your cap will remain at $1.6M.\u00a0<\/p>

If you have a TBA less than the current cap, you will receive a proportional increase.\u00a0\u00a0<\/p>

For example:<\/p>

A member with a Transfer Balance Account of $800,000 (50% unused cap) will receive an increase of $50k.\u00a0<\/p>

This increase is designed to keep the cap in line with inflation.\u00a0<\/p>

A major side effect in creating a non-standardised cap can lead to confusion and the increased need for continuous accounting.\u00a0 We expect that the ATO will provide the technology to allow accountants and advisers the ability to manage this cap more effectively going forward.\u00a0<\/p>

*\u00a0 Transfer Balance Cap is the limit of monies that can be transferred into a ‘tax free’ pension.\u00a0
<\/sup>** Transfer Balance Account is a sub-account used to manage the Transfer Balance Cap – it is not the value of your pension.\u00a0<\/sup><\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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How can Walsh Accountants help you?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Once again, our team have mobilised to learn all there is to know about this increase so we can assist our clients should they be in a position to make an application for this grant.\u00a0<\/span><\/p>

If you would like some assistance to take advantage of this increase, or would like to understand more about how it can be of benefit to you, contact us today<\/a>\u00a0to speak with one of our accountants.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

From 1 July 2021 the Transfer Balance Cap* (TBC) will increase by $100,000 from $1.6M to $1.7M.\u00a0 However, only members who have\u00a0not yet\u00a0commenced a pension will be eligible for the full increase with a new cap of $1.7M.\u00a0 If you have an already established pension, you will receive a proportional increase based on the unused […]<\/p>\n","protected":false},"author":4,"featured_media":5808,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[67,93,62,90,65,68,61,66,99,14,91,64],"tags":[],"acf":[],"yoast_head":"\nTransfer Balance Cap Increase | Walsh Accountants<\/title>\n<meta name=\"description\" content=\"From 1 July 2021 the Transfer Balance Cap * (TBC) will increase by $100,000 from $1.6M to $1.7M. 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