Mercy Super - Always for you

Your spouse may be able to join as a member of the Fund, pay voluntary contributions, and enjoy the same investment strategy and low administration fees.

 

The spouse of a person includes:

 

• another person (whether of the same or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory; and
• another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.

 

What are Spouse contributions?

The Federal Government allows superannuation funds to accept spouse contributions so that families can save for a better standard of living in retirement.

 

As a special incentive, tax rebates are available to taxpayers who make contributions to superannuation funds for their non-waged or low income-earning spouses.

 

A minimum initial contribution of $1,000 is required to establish a spouse account. Thereafter, there is no minimum amount required to contribute to a spouse account.

 

What is the tax benefit?

Your spouse may be entitled to a rebate of up to $540 per annum for any superannuation contributions made for your benefit if you are a low-income or non-working spouse.

 

The rebate is calculated as 18% of contributions, up to a maximum of $3,000. The $3,000 limit reduces by $1 for every $1 that your income* exceeds $10,800. Thus, the rebate phases out when your income is $13,800 or more.

 

*Please note that income is defined as assessable income plus reportable fringe benefits plus, from 1 July 2009, reportable employer superannuation contributions (RESC).  RESC is generally superannuation contributions which you have asked your employer to make as salary sacrifice (before tax) or additional employer contributions (in addition to Superannuation Guarantee or award contributions) paid on your behalf as part of a remuneration package.  Consult your employer to identify the likely RESC for the financial year.

 

Although there is a limit on the rebate available, there is no limit on the amount of contributions your spouse may make on your behalf.  

 

Who is eligible to make a Spouse contribution?

To be eligible for spouse membership, you must be living with an existing member of Mercy Super on a bona fide domestic basis in a relationship as a couple. If you are age under 65, you do not have to be working to be a spouse member. However, if you are aged between 65 and 69 years, you must have worked at least 40 hours in a period of 30 consecutive days in a financial year before a contribution can be made. If you are aged 70 or more, spouse contributions cannot be made. You must not be employed by the contributing spouse.

 

Can Mercy Super accept rollovers and contributions for the Spouse member?

Once the account has been established, the spouse will be a Mercy Super member.  Rollovers from other superannuation funds and personal/employer contributions on behalf of the spouse will be accepted by the Fund.

 

Can a Spouse member apply for Mercy Super's personal insurances?

Absolutely! That is one of the very real benefits of a Mercy Super membership. Spouse members are eligible to apply for Life and Total and Permanent Disablement Insurance and Income Protection Insurance cover through the Fund.

 

Please Note - the Spouse Member Supplementary Product Disclosure Statement must be read in conjunction with the Fund's Award and SG Member Booklet.