You may be eligible to split certain contributions made to your superannuation account into a superannuation account for your spouse. This strategy may assist you and your spouse to meet your retirement savings objectives.
Before submitting an application to split your contributions, you should familiarise yourself with rules and requirements.
You can submit your split request by completing the contribution splitting request form and returning it to us.
You can apply to split contributions if you are a member of:
The person you have chosen to split contributions with must be your spouse as defined in superannuation law. This includes:
Your spouse must be under 60 or, if they are aged between 60 to 64 (inclusive), not retired. Where your spouse is between 60 to 64 (inclusive), they will be taken to have retired if:
they have ceased gainful employment and do not intend to resume gainful employment for at least 10 hours per week, or an arrangement under which they were gainfully employed has come to an end on or after reaching age 60.
Contributions can’t be split to a spouse who is 65 or older.
Spouse contribution splitting applies to superannuation accounts only. If concessional contributions have been made to your superannuation account but you have subsequently commenced a pension with one or more contributions, these contributions are no longer eligible for splitting.
The maximum amount that may be split is the lesser of:
Note: You may be eligible to make concessional contributions in excess of the general concessional cap if at the end of the previous financial year your total superannuation balance was less than $500,000 and you have unused concessional cap space from the previous 5 years.
Each financial year you may make a single split request for concessional contributions made during the previous financial year. However, if you are withdrawing, rolling over or transferring all funds from your account, you may request, before the withdrawal, rollover or transfer is processed to split concessional contributions made to that account in the current financial year.
Contribution split requests will be processed as contributions splitting superannuation benefits (rollovers). A contributions splitting benefit is a 100 per cent taxable component and will be fully preserved. A contribution split request is unable to be processed as an in-specie transfer of assets.
Contribution-splitting superannuation benefits may be rolled over to a spouse’s account in:
All existing product minimums will continue to apply, this includes:
After we have accepted a contribution split request, we are unable to accept a notice to vary a deduction for personal contributions in respect of the concessional contributions covered by the request.
If you wish to vary a deduction for the concessional contribution you intend to split, please ensure that you submit the deduction variation notice in respect of these contributions before or at the time of submitting your split request.
Your split amount will be withdrawn from your cash account. If you have an insufficient balance in your cash account to rollover your split amount, your request cannot be processed.
EXAMPLE: Paul’s employer contributed $10,000 to his super fund in the financial year. Paul talks to his super fund about splitting his contributions for that financial year with his wife Julie, who works part-time. The fund advises him he is eligible to apply after 30 June of that year.
Paul completes the contribution splitting request form and lodges it with his fund in August the following financial year. He puts $7,000 in section 2B ‘taxed splittable’ to split his employer contributions.
His super fund accepts his application and determines that it is valid because $7,000 is:
His super fund rolls over the $7,000 to Julie’s super fund shortly after receiving the request.
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