Author: Ryan_Erin(Initiate)Initiate 22 Jan 2024
Hello- here's my scenario for some ATO advice on super splitting:
My wife is 63 and working - She intends resigning from her job in May 2024 and temporarily leaving the workforce. She has unused concessional contributions for carry forward of $100,000. Her current total super balance is $690,000. Immediately after resigning she will withdraw $200,000 from her super fund thus making her TSB $490,000 ie <$500,000 for 2023/24 . She has made no other concessional contributions to her fund.
I am 65, still working and in 2022/23 salary sacrificed $130,000 into a constitutionally protected employer fund.
My question is: Can I split $100,000 from my super into hers in 2023/24 as she has the carry forward of $100,000 ?
Thanks
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9 replies
Author: Bruce4Tax(Taxicorn)Taxicorn 22 Jan 2024
Immediately after resigning she will withdraw $200,000 from her super fund thus making her TSB $490,000 ie <$500,000 for 2023/24
No - for 2024-25
The test for 2023-24 = balance on 01/07/2023.
The rules for super splitting are:
https://www.ato.gov.au/forms-and-instructions/superannuation-contributions-splitting
My question is: Can I split $100,000 from my super into hers in 2023/24 as she has the carry forward of $100,000 ?
Yes - $ 130,000 x 85% = 110,500
Your wife's carry forward is not relevant for super splitting, but she cannot be retired.
Best to get proper advice first.
Author: Ryan_Erin(Initiate)Initiate 25 Jan 2024
Thanks for the reply, Bruce..
So does that mean that because her TSB will be less than $500K on 1/7/2024 (24/25 fin year), it is only in the 2025/26 year that she will be eligible for me splitting the 100K into her super ? I'm a bit confused on dates and timing !
Cheers
