Co-contribution for 2017/18

Discussion in 'Superannuation, SMSF & Personal Insurance' started by John Smith, 8th Jun, 2017.

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  1. John Smith

    John Smith Well-Known Member

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    Is this okay? My wife earns 28k. If I put 1k into her super, she will then be entitled to $500 extra for her super via the co-contribution scheme. However, if I put in an extra 3k in another payment, can I claim the $540 rebate as well? Look forward to responses.
     
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  2. SMSFCoach

    SMSFCoach Member

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    Yes both strategies are available to you.
     
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  3. John Smith

    John Smith Well-Known Member

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    Great news.
    Mr SMSF Coach, you look like fella who has been on YMYC on Sky Business!!
    Appreciate your response.
     
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  4. John Smith

    John Smith Well-Known Member

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    I have placed $530,000 non-concessional contribution into my wife's super account and $300,000 into mine just before June 30 bringing forward the opportunity to add almost three year's worth of contributions. Also, for every year the co-contribution scheme has been running, I have added an extra $1000 to her account to take advantage of it. My question is this: Am I able to continue co-contributing $1000 to her super in this financial year, and can I claim the $540 rebate if I put in $3000 taking into account our non-concessional contributions 16/17?
     
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  5. SMSFCoach

    SMSFCoach Member

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    Hi John

    wow this one got me twisted! I was about to say yes then I reviewed the rules.

    Sorry but if a member triggered the bring forward rule in 2016/17 with more than $380,000 but did not use up the full $540,00 you can no longer add any funds through NCCs like Spouse contributions or personal contributions to get the co-contribution. For those who have triggered the 3 year rule in 2016/17 you cap is $540,000 if done before 30 June 2017 or $380,000 for those who did not use the full cap. you have done $530,000 therefore you cannot add more NCCs in the next 2 years.

    Always seek personal advice as you may not have provided me the full picture so I am just providing general advice on how the rules work.
     
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  6. SMSFCoach

    SMSFCoach Member

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    Can't be 2 fat Irishmen in the SMSF space! so yes that's me
     
  7. John Smith

    John Smith Well-Known Member

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    Thanks Liam. I welcome your advice and preparedness to share it. I can, at least, split my salary sacrificed contributions with my wife as my balance is 1.6m and hers in 730k. This is the only option left to me.