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Notes Online Home 2017 Tax Schools Day 2 An NTAA guide to the new $1.6 million pension asset reforms
An ‘A to Z’ guide to the NEW $1.6 million Transfer Balance Cap (‘TBC’)
In this segment of the notes we discuss the A to Z guide to the new $1.6 million Transfer Balance Cap (‘TBC’):
- The TBC ‘big picture’
- Understanding how the Transfer Balance Account works
- When does an excess transfer balance arise?
- (Notional) excess transfer balance earnings
- ATO determinations and commutation notices
- The imposition of excess transfer balance tax
- The ATO’s new TBC reporting regime