Income Tax Assessment Act 1997
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Hide history noteSECTION 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] |
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