On 1 July 2024 the Super Guarantee increased to 11.5%. It will then increase by 0.5% on 1 July 2025 to reach 12%. These small increases to the Super Guarantee could make a big difference to your super balance in the long term due to the magic of compound interest. ...
What is the transfer balance cap? The transfer balance cap is the maximum amount that you can transfer from your accumulation account into your retirement account. Currently the transfer balance cap is $1.9 million. After you retire any amounts over the cap need to be transferred into an accum...
it sits in anAccumulationaccount. When you retire, you can transfer some (or all) of that money intoRetirement phase– anAccount-based Pension. For FY 2025, theATO have set a transfer balance cap (TBC) (limit) of $1 900 000that
as specified in subsection 294-10(1) of theIncome Tax Assessment Act 1997(Cth), that result in amounts being paid in excess of the transfer balance cap, can be completed. Previously, the SIS Regulations did not