Understanding super terminology

An individual’s Transfer Balance Cap (TBC) and Total Superannuation Balance (TSB) are calculated differently and are separate concepts. When the super reforms of 2017 came into effect, the general TBC was set at $1.6 million and the TSB limit for making non-concessional contributions was set at the TBC of $1.6 million. On this basis the concepts are quite often confused. In general terms, paying a retirement phase pension is subject to our TBC and eligibility for various contribution rules is subject to our TSB. In this fact sheet we will explain the two concepts and where they matter for SMSFs.

To read this fact sheet in its entirety download the PDF version here.

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

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

Implications of Late Lodgement of your SMSF Annual Return

The SMSF Annual Return is an important document that covers the income tax return, regulatory information and member contribution reporting;

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