The general transfer balance cap (TBC), money held in tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million.
A Self Managed Super Fund (SMSF) is a private super fund that you manage yourself to provide retirement benefits to you and your family.
The general transfer balance cap is being indexed in July 2021. This will impact contributions to your super, and retirement phase income.
If you’ve got a specific age in mind – now is the time to start working to make that happen! Retirement planning should never be an afterthought. It plays too vital a role in your life to be continuously put off, ignored, or done poorly.
When everything is going well, creating and maintaining a succession plan might not seem like a top priority. However, it is a critical element when thinking strategically about your business.