FAQs

Frequently Asked Questions

What are the new contribution splitting rules?

1800 555 667 We're here to help! The Russell SuperSolution Team, is available between 9am and 5pm (Eastern time) each business day.

As of 1 January 2006, you can split your employer and personal superannuation contributions with your spouse, but you must be married or in a de facto relationship. Same sex couples aren't recognised by the legislation for contribution splitting purposes.

To split your contributions to your Russell SuperSolution account you will need to notify us, after the end of each financial year, of the amount of contributions you want transferred to your spouse's account for that year.

If you're the main income earner and your spouse earns no, or much less, income, contribution splitting provides some big advantages. Read more about this strategy in the Retirement Focus article, contact us by email, or call us.

I'm getting paid a bonus. Can I put it towards my super?

Yes, a bonus can generally be directed towards your super as along as you advise your employer prior to becoming entitled to it. This may have tax advantages for some because as a super contribution, the bonus attracts only the 15% contributions tax going in and up to 15% (plus Medicare levy) on withdrawal, as long as the amount withdrawn is within your reasonable benefit limit. If paid as income, the bonus is likely to attract more than 30% tax, depending on your personal tax rate, so it may be more tax-effective.

The trade off is that, unlike a bonus paid as income, the money invested in super is generally locked away until you meet a condition of release (i.e. reaching age 65 or retiring after your preservation age). Talk to your HR/payroll area about the process for having your bonus paid into your Russell SuperSolution account.

I'm moving to a new employer. Can I get my new employer's super contributions directed to my Russell SuperSolution account?

Your super will automatically go into the Russell SuperSolution Personal Division when you leave your current employer and you can direct your next employer's contributions to your Personal Division account, provided your new employer offers you "Choice of Fund.". To find out how, follow the steps to Choose Russell for future contributions.

-   Learn more about Russell SuperSolution -   Apply for membership now -   Request a callback from one of our friendly service representatives

Did you find this article of interest?
Email your suggestions and thoughts to: yoursupersolution@russellsuper.com

Products and services described on this Web site are intended for Australian residents only. Information on this site should not be considered a solicitation to buy or an offer to sell a security to any person. Persons outside Australia may find more information about products and services available within their jurisdictions by going to Russell's Worldwide site.