Change to the Transfer Balance Cap (Mar 25 Tax Update)

Relevant For:

People in or approaching retirement with a large superannuation balance.

Key Points:

• The Transfer Balance Cap restricts superannuation transferred to retirement income streams.
• Retirement phase earnings and withdrawals after age 60 can be tax-free.
• From 1 July 2025, the cap rises to $2 million.
• Exceeding the cap requires withdrawal or re-transfer, incurring excess transfer balance tax.

Full Article:

The Australian Government sets a