INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-B - Transfer balance account  

Operative provisions

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 .


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.