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  • Updated personal transfer balance cap available online from 5 July 2021

    On 1 July 2021, the superannuation general transfer balance cap will be indexed, meaning individuals will have a personal transfer balance cap between $1.6 and $1.7 million. Their personal transfer balance cap is based on the highest ever balance of their transfer balance account between 1 July 2017 and 30 June 2021.

    Members will be able to view their personal transfer balance cap in ATO Online and their agents will be able to view this information in Online Services for Agents.

    Due to the timing of APRA fund reporting, we won’t be calculating and displaying member’s personal transfer balance cap until 5 July 2021. This is to minimise confusion for individuals.

    After 5 July 2021, the member’s personal transfer balance cap may change if we receive information that changes the highest ever balance of their transfer balance account before 1 July 2021. This could occur if an SMSF hasn’t completed its reporting of pre 1 July 2021 transfer balance account events to us.

    We encourage you to continue reporting transfer balance cap information to us between 1 and 5 July 2021, even though we will not be processing your reporting during this period. This means we will not be able to issue or revoke excess transfer balance determinations we have sent to a member, or commutation authorities we have sent to funds.

    Our event-based reporting and valuation guidelines web content has been updated. The changes will:

    • help you understand how the timing of your reporting impacts how we calculate your member’s personal transfer balance cap from 1 July 2021
    • extend the circumstances where SMSFs can use the reasonable estimate method to support their TBAR reporting
    • include examples and address myths and misunderstandings.

    See also:

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      Last modified: 16 Jun 2021QC 65955