The ATO determines whether a taxpayer has exceeded the transfer balance limit of $1.6m and if a taxpayer has exceeded the $1.6m limit, the ATO must issue an excess transfer balance determination (ETB determination) to the taxpayer.
pension transfers
12-month grace period now proposed for reversionary pensions
One change the Government has made in the “Fair and Sustainable” Bill (compared to the Exposure Draft) is that reversionary pensions will now be “counted” for the purposes of the $1.6m pension transfer cap 12 months after the pension transfers. Previously, (in the Exposure Draft) the transferred pension was counted six months after it transferred. […]
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