From 1 July 2021, the general transfer balance cap will be indexed from $1.6 to $1.7 million.
When the general transfer balance cap is indexed to $1.7 million, there will not be a single cap that applies to all individuals. Every individual will have their own personal transfer balance cap of between $1.6 and $1.7 million, depending on their circumstances.
If you start a retirement phase income stream for the first time on or after 1 July 2021, you will have a personal transfer balance cap of $1.7 million.
If you had a transfer balance account before 1 July 2021, your personal transfer balance cap will be: