Spouse Super Contributions - definition & overview

Key Points

• Tax Offset: You may be eligible to claim a tax offset of up to $540 per year if your spouse's income is below $40,000 (as per ATO website on 14 May 2024).
• Contribution Type: Spouse contributions are considered non-concessional contributions for your spouse.
• Eligibility:
  • You and your spouse must be Australian residents.
  • The contribution must be made to a complying super fund or an approved retirement savings account (RSA).
  • You cannot claim a tax deduction for the contribution.
  • You and your spouse cannot be separated permanently.
• Benefits:
  • Boosts your spouse's retirement savings, especially if they have a low income or are not working.
  • Provides a potential tax offset for you.

Claiming the Offset

Include the offset in your tax return.

Things to Consider

• There is a cap on non-concessional contributions ($110,000 per year for everyone).
• Speak with a registered tax agent or financial advisor to ensure you meet eligibility requirements and understand the tax implications.

Relevance to Small Business

Spouse contributions can be a tax-effective strategy for small business owners to help their spouse build their superannuation while potentially benefiting from a tax offset. However, it's important to ensure it aligns with your overall financial goals and tax situation.

Resources

1. www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/how-to-save-more-in-your-super/spouse-super-contributions

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