Contributing to your spouse’s super can help grow their retirement savings while potentially enabling you to receive a tax offset.
How can contributing to my spouse’s super result in a tax rebate?
If you and your spouse meet the eligibility criteria, you can make an after-tax contribution of up to $3,000 to the super account of your spouse (married, de-facto or same-sex partner) and claim an 18% tax offset. You can contribute over $3,000, but you won’t receive the tax offset for amounts exceeding $3,000.
To receive the maximum tax offset of $540, you need to contribute at least $3,000 and your spouse needs to earn $37,000 or less in annual income. The tax offset will gradually reduce if they earn more than $37,000 a year. However, no tax offset is available if your spouse makes $40,000 or more in a year.
Additionally to qualify for the tax offset:
- you can only contribute up to your spouse’s non-concessional contributions cap for the relevant financial year. Your partner’s total super balance must also be less than $1.6 million as at 30 June the previous financial year.
- your spouse must be under the age of 65, or if they’re aged 65 to 69, they must meet the work test or work test exemption requirements.
For more information about spouse contributions, visit the ATO website.
How can I make a spouse contribution?
Complete the Spouse Contributions form and post it to us with your cheque or money order.
How are spouse contributions different from contribution splitting?
Contribution splitting entails splitting up to 85% of your pre-tax contributions (also known as concessional contributions) with your partner. Read the Contribution splitting page to find out more.
Any advice contained in this document is of a general nature only, and does not take into account your personal objectives, financial situation or needs. Prior to acting on any information in this document, you need to take into account your own financial circumstances, consider the Product Disclosure Statement for any product you are considering, and seek independent financial advice if you are unsure of what action to take.