From www.smsfadviser.com: SMSF members with a transition to retirement income stream (TRIS) should be aware of their turning 65 date to effectively plan for their transfer balance account (TBA) and transfer balance cap.

Specialist educator Mark Ellem emphasizes the importance of understanding potential impacts on TBA credits and the general transfer balance cap, which increases to $2 million on July 1, 2025.

Ellem advises financial professionals to discuss options with clients nearing age 65, especially regarding the timing of transitioning to a retirement phase account-based pension.