Unlocking the Secrets of Legal Jargon: How AI Legalese Decoder Can Simplify Financial Partnerships and Superannuation Contributions
- May 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Disparity in Superannuation
My partner and I are facing a significant discrepancy in our superannuation savings, mainly due to the fact that she took an extended parental leave of over three years when our children were born. As a result, I have accumulated a substantially higher amount in my super account compared to hers.
## Equalizing Super Contributions
I am looking for a way to equalize our superannuation savings by diverting a portion of my super contributions to her account for a period of approximately 18 months. However, I am unsure of the process involved in making such a transfer and whether it is even possible to do so.
## Utilizing AI Legalese Decoder
The AI Legalese Decoder can help navigate the complex legalities involved in transferring superannuation funds between partners. By using this tool, we can gain a better understanding of the regulations and requirements for making such a transfer, especially when it comes to the pre-tax implications. Additionally, the AI Legalese Decoder can provide guidance on how to structure the transfer in a way that minimizes any potential financial burdens on my end while still achieving our goal of equalizing our superannuation savings.
## Current Employment Status
It is worth noting that my partner is currently employed and earns a salary of over $40,000 per annum. This may pose some challenges or limitations when it comes to transferring super contributions, and utilizing the AI Legalese Decoder can help us identify any potential obstacles and find alternative solutions to achieve our desired outcome.
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It’s not hard at all. This is spouse contribution splitting. Your fund will have a form.
Right now, you can transfer up to 85% of the contributions that were made to your account last financial year into your wife’s super.
After 1 July, you can transfer up to 85% of what went in this financial year.
It’s 85% because the rest has gone to pay contribution tax.
What you may have been seeing is the spouse tax offset, which is only available when your spouse earns less than $40,000 and you make contributions directly into their account.
Yea call super fund, or your accountant.
I think the answer you want is contribution splitting, which is a transfer of super from your account to your spouse, done after the fact.
Genuinely asking because I’m not very good with money. Is there any real point to doing this?
I have a lot more in my super than my wife because I have been working full time since the age of 14 with a period of not working a few years in between due to reasons. My wife went to year 12 and then uni and now earns a lot more than i do but i figure when we retire we will both live off both of our super anyway. So im wondering if there is any advantage to evening then out more?
My husband has been doing this to get my super up to his level because I worked part time for 15 years while caring for the kids. It’s made a massive difference.
do you know that if your partner is working and earning more than $40,000 per year, they might not qualify for the government co-contribution if you contribute to their super
Have you looked at the [ATO website ](https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/how-to-save-more-in-your-super/spouse-super-contributions)
It’s possible. My dad did this for my mum, he passed at 68 and she only got a portion of his super (70%?) She definitely needed the top up. She was unpaid SAHM for years.
Call your super fund, they will help.
The way you’ve worded this suggests you want to divert your employer SG contributions into your spouse’s account: no, you can’t do that.
There are provisions for you to contribute to you spouse’s account post tax and claim the spouse contribution tax rebate. Look at the ato website and speak to your fund for options.
Genuine questions: what’s the point of putting more money into your partners super?
Assuming you’ve not run out of concessional contributions yourself, I can’t see a reason why anyone would bother.
You can transfer money from your account to hers as a personal contribution. It’s simpler but doesn’t have tax benefits like salary sacrificing.
Don’t do this no point …. it’s more tax effective to just put extra into your own super.
If you stay together you will of course share your retirement income so it wouldnt matter. If you divorce the superannuation will get re-dividided at that point. If you die you leave it to her.
There is literally no point.
I’d recommend you don’t. She’ll be entitled to half of the sum of your super accounts anyway if you ever break up, and if you don’t break up, you can both enjoy the sum of your super accounts in retirement anyway.
Edit: I’m wrong.
~~Perhaps someone can explain like I’m 5 if I’m wrong on this (I probably am).~~
~~But barring any special circumstances, wouldn’t it be more beneficial in the long run keep topping up your own account with more in it? (Then ‘share’ retirement payments evenly?)~~
~~E.g.~~
~~Say yours has $100k and your partners has $50k.
And say both your supers has a performance of 10% pa return,~~
~~10% of 100k is more return than 10% of 50k (twice as much, in this example). The 100k account will also compound more over time, leaving you, as a couple, with more super between you at the end of the day?~~
~~But then, I’m not sure how it’s all divvied up at retirement, if retiring at different times, other personal circumstances, etc.~~
Don’t bother. When she leaves you she will take half of it anyway.
JFC the sad sacks in this thread…
Everything has an expiry and i got a feeling when this relationship ends you will be quite angry at yourself for voluntariliy funding her super on top of what she is going to be entitled to if she walks. I just see all L’s for you doing this my guy. She is the mother of your children and already sharing in everything you have