Your spouse can open a Water Corporation Superannuation Plan account even if they've never worked for the Water Corporation.
They can enjoy:
To open an account for your spouse, you need to have a Water Corporation Super Plan account yourself and be currently working at Water Corporation.
After reading the Product Disclosure Statement, complete the Application Form and return it to Payroll. Attach a cheque or nominate for contributions to be made directly from your or your spouse's employer. Your spouse can also roll over any super held elsewhere into their new account.
If your spouse would like their employer to contribute to their new account, they also need have their employer complete a Participating Employer Application Form.
A "spouse" is:
You must declare that your spouse is defined by one of the above clauses at the time they join the Plan and you would undertake to make no contributions to the account of that person if he/she ceased to be your spouse.
You must also declare that if your spouse is between age 65-69, that he/she was gainfully employed for at least 40 hours over a period of 30 consecutive days in the financial year in which the contributions are being made.
A spouse may apply for:
Salary Continuance insurance is not available to Spouse members.
Death and TPD is available in multiples of $50,000 to a maximum amount of $300,000. You cannot hold a different level of Death insurance to your TPD cover.
*TPD cover is only available to spouses who have worked more than 15 hours a week for the previous 6 months.
Use the insurance calculator in the quick links above to get a quote on the competitive insurance fees. The premium rates that apply are also detailed in the Product Disclosure Statement. Premiums will be deducted from your spouse's account on a monthly basis.
Insurance cover for a spouse is subject to completion of a brief questionnaire giving details in relation to his/her health. Upon receipt of the application by the insurer they will assess the application and determine if further medical information is required. The administrator will contact your spouse if further information or medical testing is required. Until accepted, the insurance cover does not commence.
Have their employer complete a Participating Employer Application Form.
Superannuation Guarantee (currently 9.5%) can then be paid directly into your spouse's account by their employer. Salary sacrifice or after tax payments also be made directly from their salary subject to your Spouse's employer allowing this to occur.
Your spouse can also make after-tax contributions to their account by attaching a cheque with the Application Form or by completing and returning the Lump Sum Contribution Form along with the payment.
If you make spouse contributions on behalf of your spouse you may be eligible for a tax offset. If your spouse is not working or earns less than $13,800 pa, you may able to claim up to $540 each financial year.
Admission of your spouse to the Plan does not guarantee your ability to claim a tax offset for a contribution you make for that person to the Plan. You would need to take the matter up with the Australian Taxation Office if an offset claimed in your personal tax return was rejected.
You may make contributions for your spouse either as a lump sum or by regular payroll deduction.
Complete and return a Spouse Lump Sum Contribution Form and payment for the amount of the contribution you wish to make.
Complete and return the Application Form with the payroll deduction details.
If you want to increase your spouse's super savings with some of your own, this can be done once a year in accordance with ATO regulations. When you split your contributions, you transfer or rollover a portion of contributions from your super account, to your spouse's super account.
There is a $75 fee payable for each request for contribution splitting. The fee is deducted from your account at the time of the split.
Complete and return the Contribution Splitting Form.
You may start, stop or change the rate at which you are making contributions to the Plan for your spouse at any time. To change these contributions, complete and return a Change in Details Form.