A spouse contribution is essentially a voluntary (or after-tax) contribution made to a fund held in your spouse’s name.
Who qualifies as a spouse?
Someone with whom you are living together on a permanent bona fide domestic basis and to whom you are legally married; or with whom you are in a de facto relationship.
Spouse contributions are a great a way to boost your spouse’s superannuation account.
You may be able to claim an 18% tax offset on super contributions made on behalf of your spouse (up to $3,000). You can claim the tax offset through your tax return.
Spouse Contribution tax offset rules
You may be entitled to a maximum tax offset of up to $540 each financial year if:
- you did not claim a tax deduction for the contributions
- both you and your spouse were Australian residents when the contributions were made
- at the time of making the contributions you and your spouse were not living separately and apart on a permanent basis
- the sum of your spouse’s assessable income, including total reportable fringe benefits amounts and reportable employer super contributions (RESC) for the financial year, was less than $40,000
- the contribution was made to a complying super fund in the income year, in which you made the contribution.
For more information on the Spouse Contribution tax offset, please visit the Australian Taxation Office website.
We’re here to help. So let’s talk.
If you would like to discuss spouse contributions, or have any other questions, please call our Member Services Team on 1300 360 988, or email us.