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Re: Transfer Balance Cap

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Newbie

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Replies 2

Hi All

I am trying to understand the Super Transfer Balance Cap. I understand that it came in at 1 Jul 17 and the TBC in Retirement Phase is $1.6m.

My question is regarding what is shown by the ATO as a person's Transfer Balance Cap and subsequently whether there is any remaining contribution gap. 

Is the ATOs statement of, say a person's 2019 Transfer Balance Cap a running total ? ie. if it says for example $1.3m and states that the remaining contributions gap is $0.3m, can the person be confident that since the implementation date of 1 Jul 17, their Transfer Balance Gap has never exceeded $1.6m? And therefore have confidence that if they were to increase their $1.3m to $1.6m they would not be making excess contributions to their Retirement Phase ?  (assuming within the $300K over 3 yrs) 

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Best answer

ATO Certified

Community Support

Replies 0

Hi @JES,

 

Thanks for getting in touch!

 

You can view all events that have been taken into consideration when determining your transfer balance account by checking your transfer balance account online via myGov. The information available is updated once an event has been reported to us by the relevant fund and we've processes the information. If information is missing or incorrect you should contact the relevant fund.

 

You should check your transfer balance cap before starting a new pension to ensure that you don't exceed your transfer balance cap.

 

As stated by @Burce4Tax, if you exceed your transfer balance cap we'll send you an excess transfer balance determination with information on how to rectify the excess.

 

Thanks, JodieH.

2 REPLIES 2
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Devotee Registered Tax Practitioner

Replies 0

If your cap had exceeded $ 1.6 M you would have a notice from ATO to reduce it.

 

If you have a tax agent, they can look it up on ATO online services.

 

Otherwise, try MyGov ?

Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @JES,

 

Thanks for getting in touch!

 

You can view all events that have been taken into consideration when determining your transfer balance account by checking your transfer balance account online via myGov. The information available is updated once an event has been reported to us by the relevant fund and we've processes the information. If information is missing or incorrect you should contact the relevant fund.

 

You should check your transfer balance cap before starting a new pension to ensure that you don't exceed your transfer balance cap.

 

As stated by @Burce4Tax, if you exceed your transfer balance cap we'll send you an excess transfer balance determination with information on how to rectify the excess.

 

Thanks, JodieH.