New Transfer Cap Limits May Affect You
From 1 July, the total amount that can be held within a superannuation pension account will be limited to $1.6 million.
Amounts in excess of this will need to either:
- Move into an accumulation account
- Transfer between spouses where possible, or in some cases
- Move out of the superannuation environment altogether.
Its important to take into account the change in tax treatment of funds in accumulation phase versus funds in your pension account.
We have some great strategies to minimise the impact that the introduction of the $1.6 million transfer balance cap may have on your SMSF.
Be aware of other changes
Changes are also being made to the following areas of super. Make sure you know which changes affect you and how.