Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Division 294
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Transfer balance cap
Guide to Division 294
SECTION 294-1
What this Division is about
View history note
Hide history noteThere is a cap on the total amount you can transfer into the retirement phase of superannuation (where earnings are exempt from taxation).
Credits are added to a transfer balance account when you transfer amounts.
If the balance in your account exceeds the cap, you will be required to remove the excess from the retirement phase, and you will be liable to pay excess transfer balance tax.
Note:
Division 136 in Schedule 1 to the Taxation Administration Act 1953 contains rules about excess transfer balance determinations and commutation authorities.
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