INCOME TAX ASSESSMENT ACT 1997
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.
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).
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