Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 294.35

Your transfer balance cap

  (1)   Your transfer balance cap for the * financial year in which you first start to have a * transfer balance account is equal to the * general transfer balance cap for that financial year.

Note:   The amount of the transfer balance cap is modified for child recipients: see Subdivision   294 - E.

  (2)   Your transfer balance cap for a later * financial year is equal to your transfer balance cap for the previous year, subject to section   294 - 40 (which is about proportional indexation).

  (3)   The general transfer balance cap is:

  (a)   for the 2017 - 2018 * financial year--$1,600,000; or

  (b)   for the 2018 - 2019 financial year or a later financial year--the amount worked out by indexing annually the amount mentioned in paragraph   (a).

Note:   Subdivision   960 - M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the cap: see section   960 - 285.


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