Hi Paul,
It was previously suggested that a couple in a SMSF should have a combined limit of $3.2M not individual limits of $1.6M. Where one partner has a balance over $1.6M and the extra over that figure will have to be in an accumulation account paying 15% tax from July 17, is their any way for over 65’s fully retired being able to transfer that accumulation balance to the partner to bring their balance up to the $1.6M limit? Thank you.
A: Thanks for the question.
There is nothing to stop you from withdrawing the money (as you are over 65), but the other party can only put it back into super if they are eligible to make a super contribution. If they are also over 65, they would need to satisfy the work test – work more than 40 hours over any 30 day consecutive period.
