Can i combine my super with my partner

Can my partner contribute to my Super? Can I split my Super contributions? Fortunately, there is one strategy that is simple, legal, and highly effective: splitting your superannuation with your spouse. Superannuation is under continual attack.

Although you cannot combine your superannuation with your partner’s you can certainly make a retirement plan together and discuss how you plan to invest your super so that you can achieve the lifestyle that you want and deserve. Money in the accumulation phase of super is not counted by Centrelink until the member reaches pensionable age, therefore it may be worthwhile to move as much of your super to your wife’s as possible, and make all additional contributions to her account for the next few years.

Your partner can also make after-tax payments into your super account. If your income is less than $400 they can contribute up to $0a year into your super and receive a spouse contribution tax offset. While they cannot combine their superannuation pensions, they can direct all the monthly payments into a joint bank account.

If eligible, they will each receive of the married couples’ rate of Age Pension- in full or in part if reduced by the means test. Super and your spouse You and your partner can help each other boost your joint retirement income. You may also enjoy tax benefits. Super splitting is now a firmly entrenched component of the family law system with the courts able to redistribute super account balances between partners. But the superannuation system itself offers only limited opportunities for couples in ongoing relationships to share their superannuation benefits.

You can also consolidate your super through the ATO online via myGov.

Before consolidating, check with your fund to see if there are any exit fees or whether you will lose any valuable insurance. Another way to boost your spouse’s super account balance is to split the concessional contributions made into your own super account and transfer some of them into your spouse’s account. Step 1: create a myGov account then link the ATO to your account. If you already have a myGov account, just and click through to the ATO section.

Contributions splitting with your spouse. You can ask your super fund to transfer up to of a financial year’s ‘taxed splittable contributions’ to your spouse. If you have assets you want to protect, such as property or super , you can ask your partner to sign a binding financial agreement. A financial agreement sets out how your assets and money are divided if your relationship breaks down.

It also explains what financial support you or your partner gets. You can still combine your super by entering your other funds’ details, but we can’t super accounts in your name or find any lost super held by the ATO. Combine your super now.

Before combining your super, consider the possible effects this might have on things like the fees you pay, the conditions of your insurance and the tax on your super. Things to consider. There could be other effects too, so it’s best to seek financial advice if you’re unsure. To be eligible for the maximum tax offset, which works out to be $54 you need to contribute a minimum of $0and your partner ’s annual income needs to be $30or less.

My husband is convinced that it is possible to combine my pension pot and his. Adding to your super. You can add to your super by entering into a salary sacrifice arrangement with your employer, making personal super contributions, transferring super from foreign super funds or you may be eligible for government contributions.

There are limits on how much you can contribute to your super each year.