From 01 July 2017, the Government introduced a lifetime limit on the total amount of superannuation
benefits that you can transfer into a tax-free Retirement Phase Pension Income Stream. This limit is
known as the Transfer Balance Cap (TBC).
The general Transfer Balance Cap for a given Financial Year is as follows:
Year |
General Transfer Balance Cap |
2021-22 |
$1.7 million |
2020-21 |
$1.6 million |
2019-20 |
$1.6 million |
For more information on the Transfer Balance Cap, please click
here.
Due to the Transfer Balance Cap measure, the ATO has imposed a new reporting obligation on SMSF
Trustees so as to record and track the movements in the member’s Transfer Balance Account and apply
provisions should the member breach the Transfer Balance Cap (TBC). This new event-based reporting
framework is called the Transfer Balance Account Report (TBAR). It is a separate form from the SMSF
Annual Return.