I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Splitting Superannuation with your Spouse

For this purpose, a spouse will include those who are legally recognized in a marriage, those who are in a defective relationship, or same-sex relationships.

For the strategy to work, the spouse who is receiving the split contribution must be under the age 55. If retired or still working, that could be up to the age 65. Now generally, any eligible contribution that you make to a taxed superannuation fund can be split with your spouse up to 85% of the contribution or up to the full amount of what we call a concessional contributions cap for that financial year.

Advantages of Splitting Superannuation Contributions

Superannuation contributions splitting can result in some advantages. One of these is when the receiving spouse has little or no superannuation and, in this case, we can achieve a greater tax effectiveness by trying to even out the superannuation assets for each spouse. This is because ultimately in retirement we can access two low-rate tax thresholds resulting potentially in access to the lump sum in superannuation to a greater amount that's tax-free.

If the receiving spouse is the younger of the spouses and is below pension or service age, this could bring about an increase in your pension entitlements. And that's because the superannuation assets of the younger spouse are currently on hold until that younger spouse reaches their pension age.

Alternatively, if the strategy we're putting together is to access superannuation benefits as early as possible, it might even be prudent to split superannuation contributions to the older spouse, allowing them to reach their preservation age earlier and, therefore, have access to superannuation sooner.

You and your spouse may also have lost or unclaimed super. Don't take these unclaimed super for granted for they can add more to your super money. If you're having trouble finding your lost super, you can seek out assistance at www.australiansuperfinder.com.au. Call us at 1300 252 167

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