Share the wealth by contributing to your spouse’s superannuation. As long as you both meet the eligibility criteria, you can grow both your super accounts and reduce your tax bill in one simple process.
You’ve planned out your life in your head. You’ve both got individual goals. And you’ve got things you’d like to do as a couple. One of those is to build a secure financial future together. Super is a big part of that plan, which is why if your partner is a low income earner, you can help build their super.
If you or your partner is a low income earner or taking a break from work, the higher wage earner may be eligible to make contributions to build their spouse’s super savings.
Other benefits include:
If you make a contribution into your spouse’s super account you can get a tax benefit.
The maximum tax rebate is 18% of a $3,000 spouse contribution. That means you may be able to keep $540 out of the tax man’s hands and in your pocket.
The full tax rebate is available if your spouse’s income (including assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions) is less than $37,000 per year.
Tax offsets will not be available if the receiving spouse has exceeded their non-concessional contributions cap in the relevant financial year or they have a Total Super Balance* equal to or exceeding the transfer balance cap as at 30 June before the start of the financial year in which the contribution was made.
The tax rebate offered to you if you contribute to your spouse’s super reduces by $1 for every dollar over $37,000 of your spouse’s income1.
The rebate reduces to zero when your spouse’s income reaches $40,000 (or over).
At Hostplus we believe in supporting our members in every way we can. That’s why we offer super splitting.
Super splitting can help you secure the financial future of your spouse. You can split up to 85% of your concessional contributions (employer SG contributions, salary sacrifice and deductible contributions made by the self-employed) with your spouse at the end of a financial year2.
Download our spouse contributions brochure to get everything you need to make the most out of your super.
For more information on eligibility criteria please refer to the ATO website (www.ato.gov.au)
1 Including assessable income, total reportable fringe benefits amounts and reportable employer super contributions.
2 Please note, minimum requirements, fees and charges apply. Please refer to the Product Disclosure Statement
*Your total superannuation balance is the total value of your accumulation and retirement phase interests (including rollover amounts not yet included in those interests) across all of your superannuation accounts, reduced by the sum of any structured settlement contributions.