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QIEC Super can accept contributions made by a QIEC Super member in respect of their spouse.
The spouse of a person includes:
- another person (whether of the same or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory; and
- another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.
What are spouse contributions?
The Federal Government allows superannuation funds to accept spouse contributions so that families can save for a better standard of living in retirement. The spouse contribution will count as a non-concessional contribution for the receiving spouse and should not exceed the non-concessional contributions cap. As a special incentive, tax rebates are available to taxpayers (existing members) who make contributions to superannuation funds for their non-waged or low income-earning spouses.
What is the tax benefit?
The existing member may be entitled to a rebate of up to $540 per annum for any superannuation contributions made for your benefit if you are a low-income or non-working spouse.
The rebate is calculated as 18% of contributions, up to a maximum of $3,000. The $3,000 limit reduces by $1 for every $1 that your income exceeds $10,800. Thus, the rebate phases out when your income is $13,800 or more.
Income is defined as assessable income plus reportable fringe benefits, plus reportable employer superannuation contributions (RESC). RESC is generally superannuation contributions which you have asked your employer to make as salary sacrifice (before tax) or additional employer contributions which were not specified under an award, enterprise agreement or legislation paid on your behalf as part of a remuneration package. Consult your employer to identify the likely RESC for the financial year.
What are the contribution limits?
The Government has placed limits on how much can be contributed to super as non-concessional (after-tax) contributions in a financial year. Currently the limit is $150,000 in a financial year. If you are under age 65, you can bring forward two years of future contributions to make up to the equivalent of three years non-concessional contributions of $450,000. However, you would not be able to make any further non-concessional contributions over the three year period.
Who is eligible to receive a spouse contribution?
To be eligible for spouse membership, you must qualify as a spouse. This generally means that you must be living with an existing member of QIEC Super on a bona fide domestic basis in a relationship as a couple. If you are age under 65, you do not have to be working to receive a contribution. However, if you are aged between 65 and 69 years, you must have worked at least 40 hours in a period of 30 consecutive days in a financial year before a contribution can be made. If you are aged 70 or more, spouse contributions cannot be made.
Can the fund accept rollovers and contributions for the spouse member?
Once the fund has received the initial eligible spouse contribution, you will become a spouse member. Rollovers from other superannuation funds and personal/employer contributions made on your behalf will be accepted by the fund.
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