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:
- 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.
- Her total super balance must be under $1.6m.
- 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.