Ask Paul: My husband is 74, can I top up his super fund?

Hi Paul,

Could I, at the age of 73, transfer $30,000 of my super to my 74-year-old husband's super fund? 

I may stand to inherit $100,000 to move into my super. Is this a viable strategy? - Therese

Technically, yes, Therese. But in our super system nothing is simple.

There are a number of ways to transfer to a spouse, these include contribution splitting, spouse contributions or what I suspect you would need to do, withdrawal and recontribution.

It is so easy to make an error with super. You certainly could take $30,000 out of your super to put into your husband's super - this is possible as a concessional contribution.

But this general information is the most I can give you.

I simply do not know enough about you and your husband and your exact circumstances.

What I'd really like you to do is to ring your super fund and explain what you are trying to achieve, or discuss this with your tax adviser or planner who understands your financial position.

Errors when it comes to super can be costly and I want you to get the specific advice you need.

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