Income Tax Assessment Act 1997
SECTION 294-35 Your transfer balance cap 294-35(1)
Your transfer balance cap for the * financial year in which you first start to have a * transfer balance account is equal to the * general transfer balance cap for that financial year.
Note:
The amount of the transfer balance cap is modified for child recipients: see Subdivision 294-E .
294-35(2)
Your transfer balance cap for a later * financial year is equal to your transfer balance cap for the previous year, subject to section 294-40 (which is about proportional indexation).
294-35(3)
The general transfer balance cap is:
(a) for the 2017-2018 * financial year - $ 1,600,000; or
(b) for the 2018-2019 financial year or a later financial year - the amount worked out by indexing annually the amount mentioned in paragraph (a).
Note:
Subdivision 960-M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the cap: see section 960-285 .
[ CCH Note: The general transfer balance cap is:
2017 / 18 - 2020 / 21 | $ 1.6m |
2021 / 22 | $ 1.7m |
2022 / 23 | $ 1.7m |
2023 / 24 | $ 1.9m |
2024 / 25 | $ 1.9m |
2025 / 26 | $ 2m ] |
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.