How do I account for Spouse and Child contributions?
When adding a Spouse and Child contribution, the contribution is posted to the 24200 accounts. Then in the more details panel, the balance is entered into the Spouse and Child field.
As per the ATO, if a spouse makes a contribution for a member, it counts towards the member's non-concessional contributions cap – not the spouse's contributions caps.
In cases for those that are under 18 years old (a minor) and a person over 18 makes a contribution for them, the contribution counts toward the minor's non-concessional contributions cap. The contribution does not count towards the parents' (or any other person's) contributions caps.
1. Member A (Mary) makes a Non-Concessional contribution of $10,000. That contribution will be allocated to Member B (John) as a Spouse and Child contribution. The following entry would be posted.
Note: The contribution itself can be allocated directly to Member B's (John's) contribution account.
In the More Details panel of the 24200 entry, the $10,000 would be recorded as Spouse and Child.
Once the transaction details have been entered, select Post