Transfer Balance Account Reporting

From 1 July 2017, three inter-related concepts were introduced to Superannuation.

• Transfer Balance Cap (TBC) – This is the maximum amount that each individual can transfer into the retirement phase, and is measured as a lifetime cap. The general transfer balance cap is subject to indexation. Depending on when an individual’s first retirement phase pension was commenced will affect what their personal transfer balance cap is.

• Transfer Balance Account (TBA) – Think of this like a bank account. It is used to monitor how much has been transferred in or out of the retirement phase, and the balance changes by way of credits (starting new pensions) or debits (stopping existing pensions).

• Transfer Balance Account Report (TBAR) – This is the report that is sent to the ATO to inform them of events that ‘use up’ your TBC. Ultimately, these events are transactions in your TBA.

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Bring Forward Contributions

The ability to bring-forward future year entitlements to make non-concessional contributions has been in place for many years now. Prior

Understanding super terminology

An individual’s Transfer Balance Cap (TBC) and Total Superannuation Balance (TSB) are calculated differently and are separate concepts. When the

Excess Concessional Contributions

The concessional contribution cap is $30,000 from 1 July 2024. With the ability to carry forward unused concessional contributions over

Excess Non-Concessional Contributions

The non-concessional contributions cap is $120,000 from 1 July 2024, however the ability to contribute to super is dependent on

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