Superannuation transfer balance cap

Confusion reigns over superannuation transfer balance cap A recent speech by the ATO’s Assistant Commissioner for Superannuation demonstrates the very practical problems with the new superannuation rules. The $1.6 million transfer balance cap (TBC) that limits the amount you can hold in a superannuation pension requires trustees to be aware of how close they are…

Accessing super on compassionate grounds

Compassionate grounds Superannuation benefits can be released on compassionate grounds to meet expenses related to medical treatment, medical transport, modifications necessary for the family home or motor vehicles due to severe disability and palliative care. Funds may also be released on compassionate grounds to prevent foreclosure of a mortgage or exercise of a power of…