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What is a Spouse Account?
A Spouse Account is an RBF Investment Account which is opened for the partner of an existing
RBF member. Partners of RBF members can then rollover their other super and continue to save for their retirement with RBF.
Partners can make personal contributions to their account through regular bank deductions or lump-sum deposits.
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What are the advantages of contributing to a Spouse Account?
By making payments to a Spouse Account, your partner will:
- be taking steps to secure his or her own retirement income; and
- become a member of RBF and gain access to many benefits.
RBF offers:
Can I claim a tax offset for contributing to a Spouse Account?
A tax offset is payable for Spouse Contributions made on behalf of a low-income or non-working spouse. If you make contributions to your partner's account, you may be able to claim an 18% tax offset on contributions up to $3000. The maximum offset is $540.
For taxation purposes, the definition of Spouse includes only your husband or wife or another person who lives with you as your husband or wife. The Commonwealth definition of partner does not include persons in a same sex relationship.
To claim an offset:
- the total of your partner's assessable income and reportable fringe benefits (if any) for the year of income must be less than $13,800;
- your partner must not be employed by you; and
- both you and your partner must be residents for tax purposes at the time you make the eligible spouse contribution.
To claim the maximum offset, your partner must earn less than $10,801.
If the total of your partner's assessable income and any reportable fringe benefits is equal to or greater than $13,800, you are not entitled to an offset.
*All figures are for the year ended 30/06/09.
Who can open a Spouse Account?
If you are an RBF member you may be able to open an account for your partner. A minimum $10 contribution by you is required to
establish your partner's account. RBF members include:
- current public sector employees;
- former public sector employees who have money in the Fund; and
- RBF members receiving an RBF pension.
The TAS Trust Deed defines 'spouse' as your husband or wife, or partner of a
different or same sex.
How can I open a Spouse Account?
To open an Investment Account for your partner, you need to complete a Spouse Account
application form. As the existing RBF
member, you will need to make the minimum $10 contribution to establish the account.
Your partner will also need to complete part of the same form providing personal information including their Tax File Number.
Who owns the new account?
Once the account is open, the owner of the account will be your partner. The account is in their name.
You can make contributions to the account in the same way that your partner can make contributions into an Investment Account in your name.
RBF can only take instructions about the account from the account owner, this includes requests about the account balance, withdrawal requests or Member Investment Choice instructions.
Who can make contributions to a Spouse Account?
You can contribute to your partner's account:
- If your partner is under 65, you can pay contributions at any time
regardless of whether you are in paid employment.
- If your partner is aged 65 but less than 75 you can pay
contributions if your partner has been paid to work at least 40 hours in any
period of not more than 30 consecutive days in the financial year in which the
contribution is to be made.
You cannot contribute to your partner's account once he or she is 75.
Your partner can make contributions to his or her account:
- If he or she is under 65 regardless of whether he or she is in paid
employment.
- If he or she is aged 65 but less than 75 and has been
paid to work at least 40 hours in any period of not more than 30 consecutive
days in the financial year in which the contribution is to be made.
Your partner cannot contribute to his or her account once he or she is 75.
- All contributions belong to the person in whose name the account is held.
- Your partner's employer cannot pay contributions into the account unless your partner becomes a public sector employee.
How do we make contributions to a Spouse Account?
You or your partner can make contributions into the account by direct debit from a bank account
or by making individual payments. To make payments, please contact us for further details or complete the appropriate form. You can start or stop making payments at any time.
Your partner can rollover money from another superannuation fund at any
time once their Investment Account has been established.
Can the Spouse Account accept employer contributions?
At this time, RBF can only accept employer contributions from Tasmanian Public Sector employers. This includes both Superannuation Guarantee and Salary Sacrifice contributions paid by an employer to their employee's superannuation fund.
These contributions can be rolled over to the RBF Investment Account from your other super fund at a later date.
How much can we contribute to a Spouse Account?
There is a limit on how much you and your partner can contribute to superannuation each year. The Non-concessional Contributions Limit is $150,000 each year or $450,000 over three years (age restrictions apply).
This limit applies to the total amount contributed for one person, no matter how many people are contributing to the account, or if that person has more than one super fund account.
If the contribution limit is exceeded, your partner will have to pay tax on the excess contributions at the top marginal tax rate plus Medicare levy.
When can money in a Spouse Account be accessed?
If your partner has worked, he or she can access money in the Investment Account
when he or she reaches his or her preservation age and either retires from the work force or commences Transition to Retirement.
If your partner has never worked, he or she can only access money at age 65.
Can my partner apply for Death or Ill Health Cover?
No. An Investment Account will not give your partner access to Death
and Ill Health Cover at this time.
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