You may recall that in 2003, the Federal Government introduced legislation into Parliament designed to allow members of accumulated funds to split future personal and employer superannuation contributions with their spouses (both married and de facto couples were to be eligible). That legislation:
These proposals lapsed when the 2004 federal election was called.
From Budget Night 2005, these changes came back on the agenda. Draft regulations were released by Treasury on 12 October 2005. The draft regulations were open for comment until 11 November 2005.
The draft legislation implements the above measures but differs in some respects:
All being well, the draft legislation will be passed before the end of the year. However, you should note that if the draft legislation is passed, contributions made between 1 January and 30 June 2006 would not be "splittable" until 1 July 2006. We will keep you updated on any new developments.
Julian Smith is a partner in the Maddocks Commercial team.
Julian advises extensively in the following areas:
Julian advises clients ranging from public companies servicing the wholesale financial services market to high net worth individuals and their advisers.
Julian has been with Maddocks since undertaking articles in 2001.
The legal information and commentary on this site is general only. Documents ordered through Cleardocs affect the user's legal rights and liabilities. To assess their suitability for the user, legal accounting and financial advice must be obtained.
For more information, contact Maddocks on (03) 9258 3555 and ask to speak to a member of their team.