Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.