Aged Care Strategy – Superannuation – Contribute funds into spouse’s superannuation fund if under age pension age 29 Aug 2018

Blog / Aged Care

This can benefit people who:

  • are residing in aged care who have a younger spouse under age pension age

Potential Benefits:
  • 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




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Disclaimer and Warning
The information above is of a general nature only.  It should not be used as a source to make financial decisions.  It's also important to note that the legislation and figures related to this topic tend to change regularly and therefore the information above may not reflect the current status.  We recommend that if you are looking for advice on this matter, you should contact us .


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SOLOMON FORMAN SMSF SPECIALIST ADVISOR SMSF SPECIALIST AUDITOR Forman Financial Services SOLOMON FORMAN CERTIFIED FINANCIAL PLANNER® Forman Financial Services
 
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