Hi, I would like to make a lump sum rollover / transfer of funds from my accumulation account to my spouse's accumulation account. I am looking for specific information on this topic within the ATO's website but am unable to find it. I understand that the Transfer Balance Cap only applies to Pension accounts. The Total Super Balance amount would be a defining factor in the rollover of funds.
You need to have passed a condition of release before this can be done.
Best to ask your super fund.
You need to have passed a condition of release before this can be done.
Best to ask your super fund.
Thank you
Hi @GabFlosAudIrs,
@Bruce4Tax is correct, you need a condition of release before you can access your money.
You can't directly transfer or roll over funds from your accumulation account to your spouse's accumulation account. The superannuation system doesn't allow this.
There are two specific ways super can be transferred to a spouse's account:
When benefits are transferred from your super account to your spouse's super account under contributions splitting or family law obligations, the transferring fund completes a rollover benefits statement. The receiving fund treats this as a contribution for the receiving spouse.
You're correct that the transfer balance cap applies to retirement phase income streams (pension accounts), not accumulation accounts. However, your total super balance is relevant for determining eligibility for various super provisions, including contribution caps and the spouse tax offset.
If you're looking to support your spouse's super through regular methods, you can make spouse contributions to their fund directly. Your spouse would need to provide their fund details, and you'd make the contribution as a personal contribution on their behalf.
Contact your super fund to discuss contributions splitting if you want to share your concessional contributions with your spouse, or speak with a licensed financial adviser about the options available for your specific situation.
Thank you so much
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