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FAQsI’ve heard I can now split my contributions with my spouse. How can I do this? The Government’s new contributions splitting legislation allows the splitting of some, but not all, superannuation contributions with a spouse. Offering contribution splitting to members is not a legal requirement – it’s up to each superannuation fund to decide whether it will be offered. Russell SuperSolution is one of the funds that has decided to allow contribution splitting. You will be able to split:
You won’t be able to split:
The first opportunity to nominate a split in any fund that offers contribution splitting will be on 1 July 2006. You will then only be able to split those contributions received in the preceding financial year. This year, that will be those contributions received in the six months from 1 January 2006 (when the law became effective) to 30 June 2006. From 2007, it will be for contributions received over the 12 months to 30 June each year. Forms will be available online by the start of July. I’ve heard I can double the amount of tax-free super my spouse and I get as a couple. Is that true? Yes. When you retire on or after age 55, a certain amount of super you can withdraw will be tax free (e.g. the first $129,751 if you were 55 or older and retired this financial year). If your super is likely to surpass this threshold when you eventually withdraw your benefit, you can start splitting your future contributions between your account and your spouse’s account to stay under the tax free threshold, thereby effectively doubling the amount of tax free super you can receive as a couple. Splitting your future contributions between your account and your spouse’s account also has advantages if you need to keep your super savings under the Reasonable Benefit Limit (RBL) – the maximum amount of concessionally-taxed super you can have. Splitting with a spouse can keep you under the limit so if you have to pay super tax, at least you’re paying it at concessional rates. Read more on super strategies from our January 2006 Achieve
From 1 March 2006, Russell and IBM have been working in partnership to develop and deliver superior call centre, administration and internet services to Russell investors. This strategic relationship combines the strengths of the world’s leading investment multi-manager with the world’s largest provider of business consulting and IT services. Can I salary sacrifice and contribute after tax at the same time?This is possible in many cases, but you should check with your payroll first.
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Terms
of Use. Privacy
Policy.
Achieve is issued by Russell Investment Management Limited (RIM), ABN 53 068 338 974, AFSL 247185. In preparing this information we haven’t taken into account your own personal circumstances, including what you want and need for your financial future. It is important for you to consider these matters and also to obtain and read the relevant PDS before you decide whether to acquire or to continue to hold a product. Go to www.yoursupersolution.com.au to download a PDS. Interests in Russell SuperSolution are issued by Total Risk Management Pty Ltd.
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85% of your employer (SG) and/or any salary sacrifice contributions;
contributions used to fund defined benefits;
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555 667