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clock Created with Sketch. 09/03/23
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Originally posted by hlingh
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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.
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you need financial advice. my understanding it is a credit and debit system so if you do a lump sum withdrawal it comes off the TBC and when you add it again to pension it gets reinstated to the T BC.
Last edited by
geffa9 :
09/03/23
