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SMSF STRATEGY GUIDE

ELIGIBLE SPOUSE CONTRIBUTIONS

BACKGROUND

An Eligible Spouse Contribution is where a contribution is made into a SMSF member account by the spouse of that member.

TAX OFFSET OF UP TO $540

If one member of a couple has adjusted taxable income less than $40,000,

the other spouse may be eligible to contribute up to $3,000 into that

spouse's account and receive a tax offset up to $540.

 

The offset gradually reduces for income above the $37,000 limit and phases out at an income of $40,000.

THE CRITERIA

For a contribution to be an “eligible spouse contribution”, the

following conditions must be met:

 

The contributor:

- Can be any age

- Must derive their income, profits or capital gains in Australia

- Does not claim a tax deduction for the contribution

 

The receiving spouse:

- Must be the spouse of the contributor at the time of the contribution

- Must satisfy the work test if aged between 65 & 69.

- Must not be aged 70 or over.

- must not have exceeded their NCC caps, and

- must not have a super balance of $1.6m or >.