Q: Is there a cap on the total balance (accumulation and income funds combined) one can have in super once one has set up an income stream pension? What is the rule for a 67-year-old?
A: This is an interesting question because we did have some proposed laws that were announced by the now Labor government, which I'll take you through. But the key issue is to consider that there are no real limits imposed on the total balances that can be held in your super funds. There is no specific limit that says you can't have any more than $5 million, $10 million, etc. inside superannuation. Just for interest sakes, in 2022, the largest balance held within a single SMSF was above $540 million. Now, I know you're asking about individual limits, but no matter how many members there are in the SMSF, maximum of six, you're looking at member balances of at least $100 million each.
