Contribution splitting

Why contribution splitting?

• Contribution splitting can help couples take advantage of lower tax thresholds that may apply when drawing down super benefits between the ages of 55 and 60.
• Splitting with an older spouse may allow you to access your split super earlier.

Your spouse must be under the age of 65 and not retired.

Extra benefit to members

CareSuper offers contribution splitting to members, but not all super funds do. If you’re not a CareSuper member, please check with your super fund if you would like to take advantage of contribution splitting in that fund.

If your spouse is interested in finding out how to become a CareSuper member, call us on 1300 360 149.

What contributions can be split?

Only concessional (before-tax) contributions made during the previous financial year can be split with your spouse.

In addition, personal contributions for which you intend to claim a tax deduction can be split. The contribution splitting claim can only be made once you have notified CareSuper that you intend to claim a tax deduction for the contributions.

How much can you split?

The maximum amount of contributions that can be split is the lesser of:

• 85%* of your concessional contributions for that financial year, and
• The concessional contributions cap for that financial year. Click here for information about the super contributions caps.
• The 85% maximum allows for the deduction of 15% contributions tax.

Please note: the split contribution still counts towards the government’s concessional contributions cap.

When can you apply to split your super contributions?

A request to split your super contributions needs to be lodged with CareSuper in the financial year immediately after the financial year in which the contributions were made.

For example, this means that if you do not make an application to split your 2010/2011 contributions by 30 June 2012, you will not be able to split them in the future.

However, if your entire benefit is being withdrawn before the end of that financial year as a rollover, transfer, lump sum benefit or combination of these, you can request that your contributions be split in the financial year in which they are made or paid out to you.

Are there any fees?

There is no processing fee to transfer the contribution split if your spouse has a CareSuper account.

If your spouse does not have a CareSuper account, a $50 processing fee applies to transfer your contribution split to their account.

Apply to split your super contributions

For more information and to access the CareSuper Contribution splitting form, click here.