My wife stopped working years ago to care for our autistic son. Her super has really slowed in growth and contributions are only coming from the ones I make once a year. We will likely be on a single income for the foreseeable future so combining our two accounts into one seems to me, the most logical thing to do. I have spoken with our financial adviser and she mentioned a self managed fund, but has spoken of high costs and time involved and we are at a loss as to which way we should go now?

Hi Russell,

I would suggest that seeking out a SMSF just to combined funds will not achieve much, if anything increase your costs and end up worse off. After all, a SMSF isn't going to start making your wife extra contributions. You might though want to review your wife's superannuation to make sure it is low cost so that it isn't eroded with fees. Your wife not working and as such not receiving superannuation guarantee and salary sacrifice contributions is going to slow the rate of growth of her superannuation fund, no amount of fiddling will change that. Depending on your exact situation, the best course of action is probably salary sacrificing for you up to your cap, then a $3,000 contribution to your wife's superannuation as a spouse contribution (so you get a tax offset). If you still have surplus income after that, it would depend on other factors but I would probably be looking at investing funds into your wife's name (as she will be on a 0% marginal tax rate) or paying down your mortgage (if you have one).

Cheers

Glenn