Spouse Contributions
If your spouse earns $37,000 or less in the total of assessable income including fringe benefits and employer super contributions, then you can access the maximum tax offset of $540, provided an after-tax contribution of at least $3,000 is made.
This is an excellent way to boost your wife’s superannuation and receive a tax rebate at the same time.
Co-Contributions
If your total income is equal to or less than the lower threshold of $36,813 and you make personal contributions of $1,000 to your super account, you will receive the maximum co-contribution of $500.
If your total income is between the two thresholds of $36,814 up to $51,813, your maximum entitlement will reduce progressively as your income rises. You will not receive any co-contribution if your income is equal to or greater than the higher threshold.
If your spouse earns less than $36,813 including any fringe benefits and employer super SGC, then this is a real opportunity to get some free money.
“Important News” Personal Superannuation Contributions are now tax deductible.
From the 1st July 2017, personal superannuation contributions can be tax deductible. You can contribute up to a $25,000 total.
This includes any employer contributions after allowing for any contributions made by your employer under their superannuation Guarantee obligations. Some minor conditions apply which we are happy to discuss. A nomination must be completed prior to lodging your tax return and the deduction is limited to assessable income.