- Choice of investment options between Market Return Member Savings or Cash Return Member Savings, or a combination of both.
- No administration fees, however management and transaction costs are deducted from the assets of the APSS before Crediting Rates are determined.
- Employee members may be eligible for a tax offset of up to $540 each financial year by making after-tax contributions to their spouse’s Spouse Account.
- Transfer super from other funds into the APSS to keep all their retirement savings in one place.
- Possible eligibility for the Super co-contribution.
- Choice to transfer benefits to the APSS Rollover Account or Pension in the future.
You can help your spouse save for their super by opening up an APSS Spouse Account. Your spouse can also make after-tax contributions to their Spouse Account, as long as they have provided their TFN to the APSS. The spouse member’s employer cannot make employer contributions into their Spouse Account.
Who is eligible?
An APSS Spouse Account is an accumulation account that can be opened by eligible spouses of employee members. The Spouse Account belongs to the spouse member.
Types of contributions:
Contributions to your Spouse Account can include:
- after-tax contributions by the employee member into their spouse's Spouse Account
- after-tax contributions by the spouse member
- personal before-tax contributions by the spouse member (if they are self-employed and intend to claim a tax deduction for the contribution)
- Government co-contributions (if eligible)
- amounts transferred from the spouse member's other superannuation funds (rollovers)
- certain before-tax contributions you may wish to split with your spouse.
How does it work?
Spouse Accounts are accumulation accounts, where the balance of the account is determined by an accumulation of:
- contributions made to the account and rollovers from other super funds
- investment returns (either positive or negative)
- less the fees and taxes deducted from the account
- less any rollovers made to another superannuation fund (under portability rules) and benefit payments (upon retirement or otherwise as permitted under preservation rules).
Spouse members have a choice of investment options for their Spouse Account between Market Return Member Savings or Cash Return Member Savings or a combination of both. Crediting Rates are used to allocate investment returns (positive or negative) to these accounts. Different Crediting Rates apply to the Market Return and Cash Return investment options.
- For the spouse member to make personal contributions into their Spouse Account, they must be under age 65 (or between age 65-74 and currently employed in the paid workforce on at least a part-time basis).
- For the employee member to make after-tax contributions into their spouse's Spouse Account, the spouse member must be under age 65 (or between age 65-69 and currently employed in the paid workforce on at least a part-time basis).
- 'Part-time basis' means at least 40 hours in a period of 30 consecutive days during the most recent financial year.
- After-tax contributions can only be made to a Spouse Account if the spouse member has provided APSS with their Tax File Number (TFN).
- The spouse member must have selected their chosen investment option(s) for the contributions to their Spouse Account before APSS can accept them.
When the employee member ceases to be employed by Australia Post or an Associated Employer or the spouse member ceases to be the spouse of an employee member, no further contributions can be made to the Spouse Account and the Spouse Account will be closed. However, the spouse member may choose to transfer their super into an APSS Rollover Account or a Pension Account if eligible.