Questions of the Week

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Question 1. I’m 66, retired and drawing a pension from my SMSF. My wife turned 60 in March and retired in June. She also draws a pension from the Super Fund and has some income from a rental property. Can we still make Super Co Contributions and or Spouse Contribution to my wife’s Super Account?

Answer (by Paul Rickard): Yes, provided your spouse meets the following rules:

  1. She is eligible to make a super contribution. This means in broad terms that she is under 65, or if aged between 65 and 70, meets the work test.
  2. Her total super balance must be under $1.6m.
  3. For the super co-contribution, her assessable income must be under the cap and importantly, at least 10% must come from an employment source (i.e. wages or salary).

I’ve attached a link to an article on Switzer Daily that explores this in more detail. See here.

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