SHARE YOUR SUPER WITH YOUR PARTNER
You can split your super contributions with your spouse if they are under 55 or between 55 and 65 and still working. This means that you can transfer the after tax amount of eligible contributions from your account to your spouse’s account up to the annual contribution limit ($25 000).
Eligible contributions include employer contributions, voluntary contributions for which a tax deduction has been claimed, salary sacrifice contributions and any contributions you got from the ATO because your employer didn’t make the required payments on time. You can do this anytime for the last tax year or for the current year if you are taking your entire balance from your fund. Your Fund may charge you a fee for processing a split.
Two reasons to Split your SupeR
- Even up your retirement funds (which
may help with tax or social security)
- Access your super sooner if your spouse is older and can access theirs
Super Splitting is not for everyone. Ask Your Sherpa if it’s right for you.
HOW TO GET STARTED
1. Update your details in MyFinancialLife2. Ask your Sherpa for a Super Review