Month: April 2023
Monthly Musings
Monthly Musings” for the month of March we observe the market movements for the month, launch a brand new episode of our short video series “3 Minute Tech” titled “Commonwealth Seniors Health Card”, provide some insight in Focal Point into the upcoming increase in the Transfer Balance Cap to $1.9m, provide a great insight into our senior Private Wealth Adviser, Brad Gordon and, suggest another book that might be worth a read.
Transfer Balance Cap – Increase to $1.9m
The maximum balance a superannuation member can move into the tax-free retirement (pension) phase is presently $1.7 million. This is due to a limit introduced in 2017 known as the Transfer Balance Cap (TBC). This cap will be increased by $200,000 with effect on 1 July 2023. However, this new TBC won’t apply to everyone. We explore some of the implications below.