Contribution splitting is the process of splitting your pre-tax superannuation contribution with your partner, so that part of your superannuation benefit for any given year is paid to their account instead of yours.
What are the benefits? Contribution splitting can be useful for boosting your partner’s low superannuation balance. If you are both planning on retiring before the age of 60, it may give you and your partner access to more funds, because you both get the advantage of the tax-free threshold between the ages of 55 and 59. It can also give you earlier access to the funds if your spouse is closer to retirement age than you.
You may only split pre-tax contributions made to accumulated superannuation funds. You cannot split contributions to defined benefit funds, nor can you split contributions made from your post-tax income.
Contribution splitting occurs after the financial year is complete. You must apply directly to the Australian Taxation Office (ATO) using this form.
(Please note that contribution splitting is different to spouse contributions, which are made from your post-tax income.)
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If you would like to split your contributions with your partner, or if you have any questions, please don’t hesitate to call our Service Centre on 1300 360 988, or email us.