Superannuation Splitting Legislation Introduced
Taxation Laws Amendment (Superannuation Contributions Splitting) Bill 2003

Legislation regarding the splitting of superannuation contributions between spouses was introduced into Parliament on 11 September 2003.

Superannuation splitting between spouses was one of the superannuation proposals announced as part of the Federal Government's A Better Superannuation System policy document.

The intention of the proposed amendments is to provide the opportunity for single income couples to access two eligible termination payment (ETP) low-rate thresholds and two reasonable benefit limits (RBLs), and to enable low-income or non-working spouses to have their own superannuation assets, under their control, to provide income in retirement.

The $50 fixed administration component that applied prior to 1 July 2003 will be removed, and the $30 charge per employee for which there is a shortfall will be reduced to $20.