Draft regulations to allow splitting of superannuation contributions have been released for public comment, Minister for Revenue and Assistant Treasurer, Senator Helen Coonan announced today.
"The Government has introduced a number of measures that have broadened the accessibility of superannuation to individuals outside of the workforce and contributions splitting furthers this commitment," Senator Coonan said.
"The splitting of superannuation contributions will assist many families. In particular, it will allow low income or non-working spouses to have superannuation assets under their own control and to have their own income in retirement.
"This is particularly important for families where one spouse is working in the home or receives a low income. This measure will particularly benefit women."
The draft regulations and the legislative amendments contained in the Taxation Laws Amendment (Superannuation Contributions Splitting) Bill 2003, currently before Parliament, deliver on the Government's election commitment to allow spouses to split superannuation contributions.
"The splitting regime will ensure single income families, including those not able to make voluntary contributions, have access to two Reasonable Benefit Limits and two Low Rate Threshold amounts in the same way as dual income families," Senator Coonan said.
The regulations provide for an 'annual split' model. This means, following the end of each financial year, a fund member can request that contributions made in the previous financial year be split with their spouse.
The draft regulations can be found at www.treasury.gov.au. Comments on the draft regulations are invited from interested parties up until 31 October 2003 and can be made to superannuation@treasury.gov.au.