Some Good News About Inflation!

Hello Chasers,

Just as the media bombard us with all of the negativity about interest rate rises and the doom and gloom facing us all, there is a ‘silver lining’ for those working towards retirement.

The Transfer Balance Cap (TBC) is a limit on the amount of money that an individual can transfer from their accumulation account in their superannuation fund to a retirement account without incurring additional tax. The retirement account can be in the form of an account-based pension or another form of retirement income stream.

Before the introduction of TBC on July 1, 2017, there was no limit on how much money a person could transfer from an accumulation account to a retirement account. As a result, some individuals were able to transfer significant amounts of money to a tax-free retirement account, resulting in a loss of tax revenue for the government.

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