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Budget provides super split opportunities
Recent changes to superannuation splitting arrangements flagged in the Federal Budget do not necessarily mean couples need to abandon their current arrangements, according to financial services organisation Navigator.
Navigator technical marketing manager Martin Breckon said that a husband and wife who split their superannuation contributions wisely might still benefit from tax savings, particularly if they still intend to access their superannuation before the age of 60.
He also claimed that a large age difference between the partners opened up a whole new range of possibilities with respect to reverse contribution splitting — a process that refers to younger spouses splitting their contributions with older spouses who are then able to take advantage of the benefits of superannuation earlier.
Martin said that replacing the current age-based deductible contributions limits with an annual limit of $50,000 regardless of age was a great savings tool for young investors keen to boost their savings future.
AUTHOR
Mike Taylor
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