This can benefit people who:
- are residing in aged care who have a younger spouse under age pension age
- May increase age pension entitlement under income or assets test, as spouse’s super in accumulation phase exempt where spouse under age pension age
- May reduce aged care fees as super in accumulation phase exempt under age pension age
Things to be aware of:
- Non-concessional or concessional contributions caps
- Possible entitlement to spouse contribution tax offset
- Tax on earnings in accumulation phase (max 15%)
- Contribution preserved until spouse meets a condition of release
- Cashing out amounts from older spouse’s super and contributing to younger spouse’s super could be part of a recontribution strategy for estate planning purposes
- Costs and taxes if redeeming investments to contribute to super
Aged Care & Home Care can seem complex. We have a special offer for general advice for $225.00.
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