For a retiree aged 70 who has a Retirement Income Account say $1m. His current Transfer Balance Account (TBA) is $1m. What will be his Transfer Balance Account (TBA) after doing recontribution strategy of $300K i.e. withdrawal $300K from his Income Account and recontribute $300K into an Accumulation Account and another few days later, move the $300K from his Accumulation Account to his Income Account? Is his TBA $1.3M? By definition of TBC, “..the cap applies to the combined balance of all superannuation monies transferred to retirement phase…”, is his TBA now sits at $1.3M? What will be his TBA if his superfund provider re-commences a new Income Account by closing both his Income Account and Accumulation Account, is it $2.3M? TIA for your replies.
