I can understand this whole paragraph…Total Superannuation Balance (TSB) is the sum of a member’s superannuation balances across all his/her funds. Transfer Balance Cap (TBC) is the limit on how much superannuation can be transferred to a member’s tax-free ‘retirement phase’. The TBC is set at $1.6m and $1.7m from 1/7/21. For actuarial certificate purposes, we need to determine if a member in a fund who has a TSB which is higher than the TBC immediately prior to the start of the relevant financial year. For TBAR reporting frequency purposes, we need to determine if TSB is less than or greater than $1m. (Not sure the year here)
So to test my understanding of the above rules, please correct me and explain your answers for the following 2 cases.
Say we are at 7/7/2021, for actuarial certificate (AC) purposes, TSB is taken as at 30/6/2019 but not 30/6/2020. Correct?
Say we are at 7/7/2021, for TBAR reporting frequency purposes, TSB is taken as at 30/6/2020 but not 30/6/2019. Correct?.
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