Good opportunity to withdraw cash from super, page-54

First 54 Last

Share
Profile

Follow
rookstar

4,757 Posts.

714

30/07/23

19:27

Post #: 69064492
Share

Originally posted by ejd99 ↑

Hi Rooks.

One of the key strategies we did many years ago was to spouse split to my wife's member account as I was the higher income earner.

It took 12 years (approx) contributing 85% (15% goes to the tax man) of all my yearly super contributions to my wife to get both balances similar.

We have a SMSF so in my opinion it was much easier to do (and no fees) as we are both trustees & members - from memory all we did was put it in the minutes and wrote some letters from myself as a member to both of us as trustees about the contributions, and filled out the ATO forms.
All the paperwork then went to the accountant for the tax return and financial statement preparation (for prev FY).

We only did the splitting contribution once per year (for the previous year), but the important thing is that it can NOT be done (or undone) years later in one bulk contribution - there is only a 1 year window after the end of a financial year to perform this.

https://www.ato.gov.au/Forms/Contributions-splitting/

Not financial advice - DYOR

Expand

Hi Ejd,

Thanks for the info and the link, i knew about the spousal contribution but didn't know about the taxed super balance trasnfer, thanks for the tip.

We will be doing the spousal contribution this current finacial year.

For us it is the opposete she is the higher income earner between the 2 of us.

She has used up all her carry forward contributions, where as i have many.

Thanks for the link too and have a good evening.

Rooks
1 Upvote

Reply