Transfer balance cap changes

If you have commenced a pension in your SMSF, how indexation of the general transfer balance cap will affect you will depend on:

- whether you had a transfer balance account before 30 June 2021

- if you had a transfer balance account prior to indexation occurring and, at any time between  1 July 2017 and 30 June 2021, the balance of your account was $1.6 million or more

- if you had a transfer balance account prior to indexation occurring and the highest ever balance of your transfer balance account between 1 July 2017 and 30 June 2021 was never $1.6 million or more.

The tax office will calculate your entitlement to indexation and your personal transfer balance cap after indexation, based on the information reported to and processed by the tax office after 1st July 2021. 

The problem arises when there is movement in TBC amount and the ATO is informed late, your entitlement to any indexation will need to be re-calculated. 

If you start your transfer balance account after indexation

Members of super funds who start their first retirement phase income stream on or after 1 July 2021 will have a personal transfer balance cap of $1.7 million.

Manoj in his webinar will explain how to maximise your pension benefits and how re-contribution strategies work with the higher non-concessional contribution of $110,000 and extended bring forward rules to age 67. This is a must attend event for anyone who is a Trustee of a fund or an advisor or an auditor of a fund.

FREE WEBINAR

Please click below to book your seat for free:

Topic: "Commencing a Pension - How to do it & What a Trustee needs to do to maximize benefits"  

• - Commencing a Retirement phase pension for a member is a moment where savings are unlocked
• - In this presentation Manoj will List what Trustees and SMSF Administrators MUST do
• - Must attend event for those planning to commence a Pension or audit a fund paying a Pension

When: 7th September 2021

Time: 2.00 PM To 3.00 PM (AEST)

How to Book: https://www.trustdeed.com.au/onlinereg/bookwebinar.aspx

or go to https://attendee.gotowebinar.com/register/5718632960748749328 

Cost: Free

Webinar held on 07th September 2021 by Manoj Abichandani (Contributions - How to maximize and audit them) has been uploaded

To access the webinar video, please visit www.trustdeed.com.au - 'Technical Videos' - 'SMSF' section - Contributions - How to maximize and audit them.

You will also be able to download the Contributions - 2021 and Why update your SMSF Trust Deed documents shown during the webinar.