SCOA Australia has written to Treasurer Josh Frydenberg regarding the issue of the calculation of the reversionary benefit in relation to the $1.6 million Transfer Balance Cap (TBC). An anomaly in the legislation means that the TBC is calculated on the full amount of the primary pension although the reversionary pension is typically only around 67% of that amount. The government is aware of the anomaly and has informed SCOA that it is working on finding a way to correct it. SCOA wants to know why this is taking so long.
Canberra 8 October 20187.