Jun 24 2009

Superannuation Tips – Superannuation Spouse Contribution Tax Offset

A tax offset may apply if contributions are made on behalf of your spouse to a:
•    complying super fund, or
•    retirement savings account (RSA).
This tax offset applies to contributions made on behalf of non-working or low income-earning spouses, whether married or de facto.
You maybe able to claim an 18% tax offset on super contributions of up to $3,000 you make on behalf of your non-working or low income-earning spouse.
Eligibility
You may be entitled to a tax offset of up to $540 (maximum) 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, and
•    the sum of your spouse’s assessable income and total reportable fringe benefits amounts for the financial year was less than $13,800, and
•    the contribution is made to a super fund, the fund must be a complying fund for the income year in which you make the contribution.
Note: A spouse includes a person who, although not legally married to you, lives with you on a genuine domestic basis as your husband or wife. It does not include a person to whom you are married but who lives separately and apart from you on a permanent basis.

We specialize in Superannuation advice.  If you require further information and assistance in setting up superannuation for your spouse, please contact us.

One response so far