Written by Fabian Bussoletti, Technical Manager, SMSF Association
According to the latest data from the Australian Bureau of Statistics (ABS) released yesterday, the Consumer Price Index (CPI) rose 0.2 per cent in the December 2024 quarter and 2.4 per cent annually.
While this may have broader implications for the economy, from a superannuation strategy perspective, this points to some favourable changes ahead.
Transfer Balance Cap (TBC) set to increase from 1 July 2025
The transfer balance cap is a limit on the total amount of superannuation that can be transferred into the retirement phase. The indexation of the General Transfer Balance Cap is linked to movements in the CPI.
With yesterday’s release of the official December 2024 CPI number comes confirmation that the General TBC is set to increase to $2,000,000 from 1 July 2025.
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