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What is the transfer balance cap?

Posted on February 17, 2021 by admin

The transfer cap refers to the amount of money that can be transferred from your superannuation account to your tax-free ‘retirement phase’ account.  

At the moment, the transfer balance cap is $1.6 million and all individuals have a personal transfer balance cap of $1.6 million. 

Exceeding the personal transfer balance cap means that you have to:

The amount in your retirement phase account may grow over time, due to investment earnings. Although this may grow beyond the personal transfer cap, you will not exceed the cap. However, if you have already used all your personal cap, and then your retirement phase account goes down, you cannot ‘top it up’. 

The rules applied to capped defined benefit income streams are different from other income streams – this is because you can’t usually transfer or commute excess amounts from other streams. 

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Signs of unauthorised and mistaken transactions

Posted on February 24, 2021 by admin

When checking through your transactions, you might come across a transaction that doesn’t look right. If this is the case, you should get into contact with your bank as soon as possible. 

An unauthorised transaction: Money transferred from your account without your permission

A mistaken transaction: Paying the wrong person by using the wrong details

Here are the signs to look out for to identify unauthorised or mistaken transactions:

But keep in mind:

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