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Re: Split Superannuation contribution into 2 funds

Newbie

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Replies 1

Hi All

 

Can an employer superannuation contribution be split into 2 superfunds. For example: 12% into 2 funds split by Fund 1 5% and Fund 2 7%. Here individually both the funds are less than 9.5% but the total of two funds is greater than 9.5%.

Should RESC be calculated in this case? 

Thanks

Naseem

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee Registered Tax Practitioner

Replies 0

 

Can an employer superannuation contribution be split into 2 superfunds. For example: 12% into 2 funds split by Fund 1 5% and Fund 2 7%.

 

No legal reason why not, if that is what employee wants  -  choice of fund.

 

Should RESC be calculated in this case? 

 

Yes  -  amount over 9.5%  =  reportable super.

 

1 REPLY 1

Most helpful response

Devotee Registered Tax Practitioner

Replies 0

 

Can an employer superannuation contribution be split into 2 superfunds. For example: 12% into 2 funds split by Fund 1 5% and Fund 2 7%.

 

No legal reason why not, if that is what employee wants  -  choice of fund.

 

Should RESC be calculated in this case? 

 

Yes  -  amount over 9.5%  =  reportable super.