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Downsizer contribution measure eligibility has been extended.
The downsizer contribution concession was introduced to allow older Australians selling an eligible dwelling to make additional contributions into their superannuation fund.
Proportional indexation of transfer balance caps from 1 July 2023.
The ATO reminds taxpayers that, from 1 July 2023, the general transfer balance cap will be indexed.
Individuals will have a personal transfer balance cap between $1.6 and $1.9 million, based on the highest ever balance of their transfer balance account between 1 July 2017 and 30 June 2023.
Transfer balance cap indexation.
An individual’s transfer balance cap (‘TBC’) determines the maximum amount they can commit to a retirement phase interest in their super fund, such as an account-based pension, without being subject to penal taxation.