Do you know your Total Superannuation Balance (TSB)? You should!
The total superannuation balance or TSB was a significant change introduced as part of the Government’s superannuation reform package, taking effect on 1 July 2017. However, unlike other changes, such as the pension transfer balance cap, the total superannuation balance has generally been overlooked despite its broad implications.
If legislated, the Federal Government’s proposal means an additional 15% tax on superannuation earnings applies when a member’s TSB exceeds $3 million. With the potential additional tax for balances over $3 million putting TSB back into the media spotlight, it is time for a refresher.
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