The transfer balance cap which limits the amount of capital that can be transferred into a tax-exempt retirement phase will not increase for the 2024-25 income year based on the release of December 2023 CPI numbers from the ABS. This means the figure will remain at $1.9m for the 2023-24 and 2024-25 income years. Where an individual exceeds their personal transfer balance cap, the excess is require d to be commuted and excess transfer balance tax would need to be paid.
