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I want to run this by you before consulting my accountant and I’m considering several options in light of the likely Super changes. I would like to even out the balances in our SMSF. One option is to consider splitting my concessional contribution with my husband. I read I can contribute up to 85%. He is 60, working full time and already contributing the maximum $35000. If I allocate mine to him it would be in excess of his contribution cap. Does this prelude this option?
For example, can I contribute my maximum concessional cap of 85% of $35000 to his account, or is it just my employer contributions or is it not allowed at all if he has already reached his concessional cap?
A: Thank you for your question.
Up to 85% of concessional contributions – that is personal contributions claimed as a tax deduction and all employer contributions – can be split with your spouse. These split contributions count towards your concessional cap.
