Spouse Superannuation Contributions are after-tax contribution made to a spouse’s super fund. When making this type of contribution, a tax offset can be claimed in one’s personal tax return.
For spouses who have low income or no income, generally their retirement saving will be not enough to support them with standard lifestyle. With Spouse Super Contribution Scheme, their super funds can receive contributions from their partners. In return, the Tax Office provides an incentive as a tax offset against contribution maker’s personal tax return in the same financial year that the contributions are made. The tax offset is 18% of the contributions, and it can be up to $540.
To be eligible to receive Spouse Contribution, the spouse must satisfy all of the following requirements:
It is worth to note that under Superannuation legislation, if spouses maintain the marriage title but live apart from each other on permanent basis, they are not considered as spouses, thereby, not eligible for this scheme.
Additionally, a tax offset cannot be claimed if the spouse who receives contribution:
When making contributions to your spouse’s super fund, you can follow these following steps to work out the tax offset granted to your Individual tax return.
Your spouse can still receive the contributions, but there is no tax offset for you.