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DIY Super Fund can accept superannuation contributions made by a taxpayer on behalf of his/her spouse. The contributions must be 'eligible spouse contributions' and the spouse must be under 65 years of age at the date of the contributions.
If the spouse is between 65 and 69 years of age, they must be gainfully employed for at least 10 hours per week in order for a superannuation fund to receive eligible spouse contributions on their behalf.
'Eligible spouse contributions' are contributions made by a taxpayer in relation to a person who is their spouse at the time those contributions are made; the contributions can be made to a DIY Super Fund to obtain superannuation benefits for the spouse; or
to provide superannuation benefits for dependants of the spouse, in the event of the death of the spouse.
The contributing spouse may be eligible for a tax rebate on spouse superannuation contributions.
To receive the rebate, the spouse's assessable income (including reportable fringe benefits) must not exceed $13,800 for the year.
The contributor will be entitled to a tax rebate calculated as 18% of contributions up to a maximum of $3,000. However, no deduction for the contributions will be allowed to the contributor or the beneficiary spouse.
The rebate is calculated in one of the following three ways:
- where the spouse's assessable income (including reportable fringe benefits) is $10,800 or less, and the taxpayer's eligible spouse contributions are $3,000 or less, the rebate will be 18% of the eligible spouse contributions;
- where the spouse's assessable income (including reportable fringe benefits) is $10,800 or less and the taxpayer's eligible spouse contributions are more than $3,000, the rebate will be 18% of $3,000; or
- where the spouse's assessable income (including reportable fringe benefits) exceeds $10,800, the eligible spouse contribution limit of $3,000 is reduced by $1 for every $1 of assessable income in excess of $10,800 (rebate reduces to nil where assessable income is $13,800 or higher). The rebate will be 18% of the lesser of the reduced amount and the actual contributions.