Spouse Members

SPEC Super can accept contributions made by a SPEC Super member in respect of their Spouse.  Spouse contributions can be made into your SPEC Super account, or your spouse can join SPEC Personal so you can make spouse contributions to their account.

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. As a special incentive, tax rebates are available to taxpayers who make contributions to superannuation funds for their non-waged or low income-earning spouses.

A minimum initial contribution of $1,500 is required to establish a spouse account. Thereafter, there is no minimum amount required to contribute to a spouse account.

What is the tax benefit?

Your spouse 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 (plus reportable fringe benefits) exceeds $10,800. Thus, the rebate phases out when your income (plus reportable fringe benefits) is $13,800 or more.

Although there is a limit on the rebate available, there is no limit on the amount of contributions your spouse may make on your behalf.

Who is eligible to make a Spouse contribution?

To be eligible for spouse membership, you must be living with an existing member of SPEC Super on a bona fide domestic basis as husband and wife. If you are under age 65, you do not have to be working to be a spouse member. 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. You must not be employed by the contributing spouse.

Can SPEC Super accept rollovers and contributions for the Spouse member?

Once the SPEC Personal account has been established, the spouse will be a SPEC Personal member.  Rollovers from other superannuation funds and personal/employer contributions on behalf of the spouse will be accepted by the Fund.

 

Read the SPEC Personal Product Disclosure Statement to find out more.

Download the Spouse contribution form if you wish to make a spouse contribution.