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In ClearLaw last month, we told you about the draft regulations that allow couples (including de facto couples) to split their contributions between their funds. This legislation helps couples to avoid one spouse accruing super benefits above their reasonable benefits limit (and being taxed accordingly), whilst the other spouse has super benefits well below those limits. In sum, it allows couples to accrue more super benefits between them which will be concessionally taxed on retirement.
The regulations which were released on 12 October 2005 have now been amended and were passed last week.
The amendments are:
For other details about splitting contributions that are not affected by the amendments, see ClearLaw November 2005
The amended regulations were released on 22 November 2005 and have now passed through Parliament.
Qualifications: LLB, Deakin University
Stephen is a member of Maddocks Commercial team. He is a corporate and commercial lawyer, who assists clients across a diverse range of industries including financial services, consumer markets and manufacturing in a wide variety of legal matters.
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