you might be right but it’s also a little ambiguous.

"Yes, there are caps on the tax-free amount you can withdraw from your superannuation account after age 60 as a lump sum.

The tax-free amount you can withdraw from your superannuation account as a lump sum is determined by the components of your superannuation balance. These components are:

Taxable component: This includes any investment earnings and employer contributions that have not been taxed.

Tax-free component: This includes any after-tax contributions you have made to your superannuation account.

If you are aged 60 or over, any lump sum withdrawals you make from your superannuation account are generally tax-free, regardless of the amount withdrawn. However, there are caps on the tax-free amount of your superannuation benefit, which are determined by the transfer balance cap (TBC) and the total amount of tax-free and taxable components of your superannuation account.

As of 1 July 2021, the transfer balance cap is $1.7 million. This means that the maximum tax-free amount you can withdraw as a lump sum is equal to the balance of your tax-free component, or the remaining portion of your TBC if your tax-free component is less than your TBC.

It is important to note that these caps can change over time, so it is recommended that you regularly review your superannuation account and seek professional financial advice to ensure you stay within the limits.”

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I find it hard to follow. Who knows how things could change in the future?! 🥴

In the meantime, 294-25 of the Superannuation Industry (Supervision) Act 1993 (Cth) asserts that the TBC applies only to the amount of superannuation savings that a person transfers into a retirement phase income stream and that the balance of a person's transfer balance account does not include any lump sum withdrawals.

So I think I got some clarity today on this. To take funds out of accumulation phase I.e. your super account they have to be moved into your pension account, you can’t just take a lump sum out of accumulation to a bank account.

Therefore anything over your transfer balance cap if withdrawn from your pension account as a lump sum will be subject to 15% tax and then prob 30% when it’s over $3m if that passes.

This doesn’t mean you can’t leave a large balance in the pension account or your super account. Does that make sense?

Given bitcoin isn’t yield generating it messes with the intent of all this a bit but no doubt things will change over time.

The important thing here is to ensure there are inheritance protocols in place to ensure the bitcoin passes cleanly to your dependants without incurring tax.

#[3]​ did I understand this correctly?

Sounds right to me