From 1 July this year the limit on the amount of super that can be transferred into retirement phased income streams will increase to $1.7 million. However, from this date the transfer balance cap will no longer apply across the board, rather everyone will have a cap specific to their situation of between $1.6 and $1.7 million. The higher transfer cap will apply only where you haven’t previously transferred any super into your retirement phase income.
Transfer balance caps can be complicated, and as mentioned above, are unique to each individual situation. Get in touch with your financial planner if you have any questions or would like more information.
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