Is splitting your super contributions with your spouse worth it? Doing so can provide tax savings and earlier access to your super. However this might not be the best option for your specific financial and retirement situation.
You can split up to 85 percent of their contributions which are concessional each year. For example, if you’re currently under 50, the maximum amount is $30,000. While those 50 or older the cap is $35,000. The cap does not just include concessional contributions. It also includes what your employer contributes along with your own salary sacrifices.
Knowing this, what are some of the benefits that might come from splitting your contributions with your spouse?
While there are plenty of benefits for splitting, there can also be some drawbacks. It’s important to get all of the facts before deciding if splitting your super is right for you.
If you’re thinking about splitting your super with your spouse, it’s important to talk to a qualified retirement or super specialist to make sure you’re making the best decisions based on your specific retirement plans and goals.