Super contribution splitting

01/07/2015
Provided by Mercer.

Super contribution splitting is a strategy that is adopted to help increase your spouse’s super.

When you split your super contributions, you transfer a part of the contributions made to your super account, to your spouse’s super account. Contribution splitting can only be done once the financial year has ended and there’s a limit to how much can be split in a year.

The maximum amount of contributions you can split with your spouse is the lesser of:

  • 85% of the concessional contributions (which includes employer and salary sacrifice contributions) made to your fund, and
  • the concessional contributions cap - an annual limit of $30,000 on contributions from before-tax salary for those under the age of 49 on 30 June 2015, and $35,000 for those aged 49 and over on that date.
 

Any contributions you split will continue to be counted for the purpose of your concessional contributions cap. Splitting contributions will not reduce your concessional contributions for the year, and you can’t split amounts that have been rolled over to the fund or transferred from an overseas fund.

If you're considering splitting your super contributions with your spouse, it's recommended that you speak to a financial adviser.

 

This information has been prepared by Mercer Outsourcing (Australia) Pty Ltd (MOAPL) ABN 83 068 908 912, Australian Financial Services Licence #411980. Any advice contained in this document is of a general nature only, and does not take into account the personal needs and circumstances of any particular individual. Prior to acting on any information contained in this document, you need to take into account your own financial circumstances, consider the Product Disclosure Statement for any product you are considering, and seek professional advice from a licensed, or appropriately authorised financial adviser if you are unsure of what action to take. Mercer financial advisers are authorised representatives of Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766. "MERCER" is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917. Copyright 2015 Mercer LLC. All rights reserved.

 

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