Spouse Contribution

Accept contributions for the self-managed pension
Since self managed pension funds are set up specifically to provide an income stream after retirement, contributions must be added to them from time to time. There are two main types of self managed super fund contributions, employer contributions mandate - which is these contributions that the employer is legally required to do, and voluntary contributions. compulsory contributions may be accepted at any time for all members. Voluntary contributions may be made by the trustees or, in some cases by employers. An employer may make additional voluntary contributions to self-managed pension funds in the form of bonuses, rewards or personal contributions. Voluntary contributions can be of a member who is employed, a member who is an independent worker or the spouse of a member. There are many rules and regulations on the acceptance of contributions in the self managed pension funds. Some relate to the age of the Trustee and the number of hours he or she works. In each case, the employee contributions, acceptance is possible only if the tax file number was quoted. Once a member is 70 years or more, it is not legal to accept contributions to their spouse. If they are between 65 and 70 and spouse contributions can be accepted for them only if they are still active. Employer contributions for those between 70 and 75 should be voluntary not mandatory say. And for one member who is 75 or more, none of the non-compulsory contributions can be accepted. These are just some of the rules, there are many others that can be found on the ATO website.