The ATO has flagged there will be an 11-day window in which personal transfer balance caps (TBC) will not be displayed in its online services portal after the general TBC increases due to indexation on 1 July.
The general TBC will be indexed from $1.9 million to $2 million and super fund members starting a pension for the first time after 1 July will have a TBC of $2 million, but those who have already commenced a pension, and have not previously reached or exceeded their personal cap, will be eligible for a proportional increase.
This increase is based on a member’s highest-ever transfer balance and the amount of unused cap space and is calculated by the ATO and displayed in its portal on myGov, but an update released today stated updated personal TBCs would not be displayed until 11 July.
SMSFs are still encouraged to report TBC events – such as details of limited recourse borrowing arrangement payments where the payment results in an increase in the value of the member’s superannuation interest supporting their retirement-phase income stream – between 1 and 11 July 2025.
“You can continue to report TBC events to us between 1 and 11 July 2025 and we will process these reports as usual. However, during this period, updates will not be reflected in a member’s transfer balance,” the ATO stated.
However, it added it will not issue or revoke excess transfer balance determinations it has sent to a member or commutation authorities it has sent to a fund during that period, and requested trustees respond to commutation authorities during this period.
“To ensure members have a clear understanding of their cap entitlements, we encourage funds and advisers to report all TBC events as they occur and, where possible, before 1 July 2025,” the regulator said.
From 11 July, members will be able to view their updated personal TBC in the ATO online services portal and agents will be able to view client details via the online services for agents facility.
