Terms and conditions

1. There are various terms and conditions associated with the aforementioned tax benefits. Please call a Plum Member Services Consultant for additional information or to speak to a qualified financial adviser.
   
   
2. Before you make any decisions about consolidating your super, you should consider all exit fees, penalties and other charges that may be applied and any changes to your insurance benefits. You should assess whether this information is appropriate for you and consider talking to a financial adviser.
   
   
3. The maximum rebate you can claim is 18 per cent of up to $3,000 worth of after-tax contributions you make into your spouse’s account – which is $540. Your spouse must have earned an income of less than $10,800 in this financial year to receive this full rebate. Even if your spouse has earned up to $13,800, you can still receive a rebate, which reduces per dollar of income received by your spouse above $10,800. Income includes assessable income plus reportable fringe benefits. Contact the Australian Taxation Office (ATO) Super Helpline on 13 10 20 for further information on the rebate.
   
   The contribution you make on behalf of your spouse will count towards their non-concessional contribution cap (NCC). This is $150,000 per year (or $450,000 in one year if your spouse is under age 65 and doesn’t receive or make further after-tax contributions in the next two years). If your spouse’s cap is exceeded, excess NCCs are taxed at 46.5 per cent.
   
   
4. Fully completed and signed application forms, and associated cheques must be received by Plum before 2.00pm Monday 30 June 2008. When the ESP account is activated, you or your spouse can contribute via BPay®   BPay® payments into activated accounts must be cleared by the relevant financial institution by 5.00pm Friday 27 June 2008 to take advantage of tax concessions in this financial year. ® Registered to BPAY Pty Ltd ABN 69 079 137 518.
   
   
5. The personal, tax deductible contributions – known as personal, concessional contributions (CC) - on which a tax deduction is claimed will be taxed at 15 per cent in the fund. These contributions will count towards your spouse’s CC cap which for this financial year, is $50,000 p.a. or if your spouse is aged 50 or over, $100,000 p.a. If your spouse exceeds the cap, excess contributions will be taxed at 31.5 per cent in addition to a contributions tax of 15 per cent.
   
   Income includes assessable income plus reportable fringe benefits.
   
   
6. To qualify for the full Government co-contribution of $1.50 for every $1.00 (up to a maximum co-contribution of $1,500) of personal, after-tax contributions made, (up to a maximum co-contribution of $1,500), your spouse must earn less than $29,980 p.a.(of which at least 10 per cent is from eligible employment or carrying on a business. Includes assessable income plus reportable fringe benefits). A reduced co-contribution may then be paid if your spouse earns less than $58,980 p.a. (of which at least 10 per cent is from eligible employment or carrying on a business. Includes assessable income plus reportable fringe benefits). Personal, after-tax contributions count towards your spouse’s NCC cap. See point above for additional information. To qualify for a Government co-contribution, additional rules apply.

Important information: This website does not contain financial product advice and you should speak to a qualified financial adviser before taking any action based on the information featured on this website. An interest in the Plum Superannuation Fund (Fund) RSE R1056945 ABN 20 339 905 340 is issued by the PFS Nominees Pty Ltd (Trustee) ABN 16 082 026 480 AFSL 243357 RSE L0002912. The Fund administrator is Plum Financial Services Limited (Plum) ABN 35 081 812 731 AFSL 243356. This website has been prepared by Plum and it features information that is general in nature. The information does not take into account your objectives, financial situation or needs. Before acting on the information you should consider whether it is appropriate having regard to your personal circumstances. Plum recommends that you consider the Fund’s Product Disclosure Statement (PDS) before you make any decisions about your superannuation. Neither Plum, the Trustee, nor any other company in the National Australia Bank Group accepts liability whatsoever for any decision that is made on the basis of or in reliance of the information featured on this website.  To obtain a copy of the Fund’s PDS please call a Plum Member Services Consultant on 1300 55 7586.

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