Split your Contributions with your Spouse
Contributions Splitting refers to splitting Concessional Contributions (defined here) between you and your spouse. Typically this is done to increase your spouses' super balance. The key issues around contributions splitting are:
Contributions can be split with your Spouse after the end of the financial year and at any time up to the end of the following financial year. For example any employer contributions that were made in the 2011 financial year may be split by the receiving Member with their Spouse at any time up to 30 June 2012.
You cannot transfer or split funds to a spouse who is already retired. That is, if they have reached age 55 or over, and do not intend to ever work (at least part time) ever again.
Only 85% of the Concessional Contribution made can be split. This is due to the assumption that the contribution will form part of the assessable income of the SMSF and be taxed at 15%.
You must ensure that the Trust Deed of the SMSF allows the splitting of contributions. This is the case with the Trust Deed implemented by ESUPERFUND.
Complete Spouse Splitting Form
In order to split a Concessional Contribution with your Spouse you must complete the Spouse Splitting form here. We will require a copy of this document as part of the annual compliance process. The form however should not be provided to our office until requested by ESUPERFUND as part of the annual checklist process.
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