$1.6 million Transfer Balance Cap

News and articles about the $1.6 million ‘Transfer Balance Cap’, limiting the assets in pension phase in superannuation funds, policy announced in the 2016 Budget.

Don’t delay responding to Transfer Balance letters till after holidays: ATO

The ATO has warned taxpayers who receive Transfer Balance Cap letters from the ATO to not delay in responding, as the due dates fall over the holidays. The ATO says that Excess Transfer Balance Determination and Commutation Authorities issued in October will have due dates that fall over the Christmas-New… Read More »Don’t delay responding to Transfer Balance letters till after holidays: ATO

ATO to send Excess Transfer Balance Cap determinations in January

The ATO says it will start sending out Excess Transfer Balance Determinations in January 2018 to individuals who have exceeded their Transfer Balance Cap and not rectified the excess amount. These Excess Transfer Balance (ETB) Determinations will generally be based on information provided to the tax office by ARPA-regulated super funds,… Read More »ATO to send Excess Transfer Balance Cap determinations in January

ATO issues Transfer Balance Cap & super death benefits guidance: LCG 2017/3

The ATO has issued finalised guidance on how the Transfer Balance Cap works with superannuation death benefits. The ATO has issued LCG 2017/3 – Superannuation reform: Superannuation death benefits and the transfer balance cap, a draft of which was issued as LCG 2017/D3. LCG 2017/3 (a Law Companion Guideline, which is a… Read More »ATO issues Transfer Balance Cap & super death benefits guidance: LCG 2017/3

ATO finalises Transfer Balance Cap & TRIS transitional CGT guidelines

The ATO has finalised, previously draft, guidance on how the transitional CGT relief for superannuation funds works for the Transfer Balance Cap and Transition to Retirement Income Streams. LCG 2016/8 Superannuation reform: transfer balance cap and transition-to-retirement reforms: transitional CGT relief for superannuation funds, previously LCG 2016/D8, has been finalised. Update:… Read More »ATO finalises Transfer Balance Cap & TRIS transitional CGT guidelines