Once a member's benefits are transferred from one fund to another, the member cannot split contributions that formed part of the transferred amount. That is, the trustee of the new fund can offer splitting only in respect of future contributions that it receives on behalf of the member.
ClearLaw readers will be aware that the Federal Government has introduced regulations that allow couples to split contributions made after 1 January 2006. This allows a couple to structure their superannuation account balances to reduce the likelihood of incurring additional tax as a result of one person exceeding their reasonable benefit limit in circumstances where their spouse remains well below their RBL. The maximum splittable amount for a member is 85% of their deductible contributions and 100% of the undeducted personal contributions.
Paul is a Senior Associate in the Maddocks Commercial team with particular expertise in commercial agreements for the supply of goods and/or services, the Personal Property Securities Act 2009, the National Consumer Credit Protection Act 2009 and the National Credit Code and the Australian Consumer Law.
Paul's key areas of practice include:
Before joining Maddocks, Paul was employed for 13 years with the Victorian Department of Justice, principally as a Deputy Registrar in the Victorian Magistrate's Court, but also as a legislation, policy and project officer for the Department.
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.