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  • Proportional indexation of transfer balance caps

    On 1 July 2023, the general transfer balance cap will be indexed. Individuals will have a personal transfer balance cap between $1.6 and $1.9 million based on the highest ever balance of their transfer balance account between 1 July 2017 and 30 June 2023.

    When will we display the indexed amounts?

    While indexation will occur on 1 July 2023, we won't be displaying member’s updated personal transfer balance caps until 11 July 2023.

    We encourage all SMSFs to report any events that occurred prior to 1 July 2023 by 30 June 2023. This is to ensure member’s personal transfer balance cap calculations are based on correct and up to date information.

    From 11 July:

    After 11 July 2023, your member's personal transfer balance cap will be recalculated if we receive reporting of events effective prior to 1 July 2023.

    Reporting between 1 July 2023 and 11 July 2023

    You can continue to report transfer balance cap information to us between 1 July 2023 and 11 July 2023, however these will not be processed until after this period.

    This will mean we won't be able to issue or revoke:

    • excess transfer balance determinations we have sent to a member
    • commutation authorities we have sent to a fund.

    Post 11 July 2023, processing of any reported events will continue as normal.

    Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.

    Last modified: 07 Jun 2023QC 72769