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Concessional contribution by wife - tax deductabilty issue

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Dissed, 25th Sep, 2013.

  1. Dissed

    Dissed Active Member

    Joined:
    28th Aug, 2008
    Posts:
    34
    Location:
    Sydney, NSW
    Hi

    I am unemployed this year and my wife has the ability to contribute the capped amount, $30k for me. Question is under what circumstance it is deductable to her.

    If my wife contributes it to our SMSF, the amount will not be tax deductable for her (Kaplan SMSF notes 2.9).

    During my working life, my employer used to contribute into my personal super account run by a big retail fund. Their view is that my wife can contribute and claim deduction. I am confused.

    Can my wife claim tax deduction if she contributed into my personal super account?
     
  2. GregR

    GregR Reid Consultants

    Joined:
    13th Jul, 2009
    Posts:
    273
    Location:
    Berwick Vic
    My understanding is that there is a limit to spousal personal contributions, a maximum of a tax offset of $540 (being a $3k contribution at 18%) if your income is < around $10k pa.

    Your wife can contribute more as an untaxed amount up to $150k but it is not claimable as a tax deduction. Conversely it will not attract the 15% contribution tax either.

    I suggest you seek advice from a financial planner and/or tax accountant.
    Greg
     
  3. Dissed

    Dissed Active Member

    Joined:
    28th Aug, 2008
    Posts:
    34
    Location:
    Sydney, NSW
    Thanks GregR.
     
  4. jodie123

    jodie123 Active Member

    Joined:
    15th Aug, 2012
    Posts:
    34
    Location:
    Brisbane, Qld
    It's probably going to depend on a few things. You're best bet would be your accountant.