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This form is used to request the splitting of superannuation contributions with a spouse, outlining the necessary details and declarations. It adheres to government legislation regarding superannuation
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How to fill out contribution splitting application form
How to fill out Contribution Splitting Application Form
01
Obtain the Contribution Splitting Application Form from your superannuation fund or the official website.
02
Fill in your personal details, including your name, contact information, and member number.
03
Specify the financial year for which you wish to split contributions.
04
Indicate the amount or percentage of contributions you wish to split.
05
Provide the details of the receiving superannuation fund, including their name and member number.
06
Sign and date the application form to authorize the contribution splitting.
07
Submit the completed form to your superannuation fund as per their submission guidelines.
Who needs Contribution Splitting Application Form?
01
Individuals who want to split their superannuation contributions with their spouse or partner.
02
People looking to optimize their retirement savings by redistributing contributions.
03
Members of a super fund aiming to take advantage of contribution limits and tax benefits.
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People Also Ask about
What is the difference between spouse contribution and split contribution?
Super Contributions Splitting is a strategy that generally allows you to split up to 85% of your employer super contributions and personal deductible contributions with your spouse whereas a Spouse Super Contribution involves making a contribution to a spouse's super fund to build their retirement savings.
Is super splitting a good idea?
Earlier access to tax-free super benefits: This allows earlier and potentially tax-free withdrawal of super funds, which is especially beneficial when one spouse is older. Enhanced Centrelink/Age pension benefits: These benefits may improve pension entitlements by not counting the younger spouse's super in asset tests.
How much super can I split with my spouse?
The maximum amount that can be split into a spouse's super account (in the same fund, or a different fund) is the lesser of 85% of before-tax contributions and your concessional contribution cap following the end of the financial year in which the contributions were made.
What is the maximum spouse contribution split?
The maximum amount that can be split into a spouse's super account (in the same fund, or a different fund) is the lesser of 85% of before-tax contributions and your concessional contribution cap following the end of the financial year in which the contributions were made.
Is combining super a good idea?
Consolidating your super can save you time and money. Having all of your super in one account means you: save money by only paying one set of fees. have less paperwork.
What is an example of contribution splitting?
Because concessional contributions are taxed at 15 per cent, you only split up to 85 per cent of the amount. For example, if your employer contributed $10,000 to your super, you could split a maximum of $8,500 of that to your spouse.
What happens if I contribute more than $27,500 to Super?
If you exceed your concessional contributions cap, the excess concessional contributions (ECC) are included in your assessable income. ECC are taxed at your marginal tax rate less a 15% tax offset to account for the contributions tax already paid by your super fund.
What are the benefits of super splitting?
Contribution splitting can provide an effective way to build wealth for retirement for a non-working or low income spouse. These funds may also be used to fund insurance premiums through super to protect against unforeseen illnesses, disabilities or death.
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What is Contribution Splitting Application Form?
The Contribution Splitting Application Form is a document used to request the division of superannuation contributions between individuals, usually in the context of divorce or separation.
Who is required to file Contribution Splitting Application Form?
Individuals who wish to split their superannuation contributions with a spouse or former spouse as a result of property settlement during a divorce or separation are required to file this form.
How to fill out Contribution Splitting Application Form?
To fill out the Contribution Splitting Application Form, individuals need to provide details such as personal information, the specific superannuation account details, and the amount or percentage of contributions to be split.
What is the purpose of Contribution Splitting Application Form?
The purpose of the Contribution Splitting Application Form is to facilitate the equitable division of superannuation assets between parties involved in a separation or divorce, ensuring that both parties' financial interests are protected.
What information must be reported on Contribution Splitting Application Form?
The information that must be reported on the Contribution Splitting Application Form includes personal details of both parties, superannuation fund details, the amount or percentage of contributions to be split, and any applicable legal documentation supporting the request.
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