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Are there tax implications if I tranfer some funds from my super to my wife's account?

Newbie

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Devotee

Replies 0

Hi Martyn2

 

SM2304 is right, money can't be transferred from one person's super account to another person's super account.

 

You'd need to receive a benefit payment from your account, then contribute this money to your wife's account as a new super contribution.

 

You'd need to be eligible to receive a payment - ie have reached retirement ago, or meet an early condition of release such as compassionate release or financial hardship. Depending on your age there'd be tax payable on the payment you receive.

 

Depending on your wife's situation and whether a deduction is claimed for the contribution to her account there'd be tax implications for the contribution as well.

 

I'm an ATO employee voluntarily providing my time here

2 REPLIES 2

Devotee

Replies 0

You cannot do that

Most helpful response

Devotee

Replies 0

Hi Martyn2

 

SM2304 is right, money can't be transferred from one person's super account to another person's super account.

 

You'd need to receive a benefit payment from your account, then contribute this money to your wife's account as a new super contribution.

 

You'd need to be eligible to receive a payment - ie have reached retirement ago, or meet an early condition of release such as compassionate release or financial hardship. Depending on your age there'd be tax payable on the payment you receive.

 

Depending on your wife's situation and whether a deduction is claimed for the contribution to her account there'd be tax implications for the contribution as well.

 

I'm an ATO employee voluntarily providing my time here