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If your spouse is a low or no-income earner, you can contribute money to their superannuation account. Making a contribution to their super can be an effective way to grow their retirement savings, while reducing your tax.
A spouse includes someone you are legally married to or in a de facto relationship with (including same sex partners).
Under the 2020-21 tax rules, on the first $3,000 you pay into your spouse’s superannuation account as an after-tax contribution, you may be able to claim a tax offset of up to 18% (so, a maximum of $540). You don't receive the spouse contribution tax offset for payments above $3,000.
The amount you can claim depends on how much they earn annually:
If your spouse is a QSuper member, you can either:
If you spouse is not with QSuper, you can make spouse contributions to their existing super account, or they can easily join QSuper online.
To claim your spouse contribution tax offset, make sure QSuper has your tax file number (TFN) and lodge your tax return as you would normally. Be sure to complete the ‘superannuation contributions on behalf of your spouse’ question in the supplementary section of your tax return. You also need to complete your spouse's details, and whether you are married or de facto in your tax return.
Steven and Amy are in a de facto relationship. Steven, 30, works as a teacher and earns $75,000 annually. Amy, 28, works casually and earns $37,000 a year.
Steven has decided to contribute $120 a fortnight into Amy's super account ($3,120 a year). Because Amy is a low-income earner, the first $3,000 of Steven's contribution qualifies for the maximum tax offset of 18%. Steven receives the full tax offset, reducing the tax payable on his income by $540.
If you want to make contributions for your spouse, there are a few requirements you must satisfy:
You aren't eligible to claim this tax offset if:
You can also split your eligible contributions with your spouse, and transfer part or all of your contributions into their QSuper account from your Accumulation account.
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1. Earnings are defined as the sum of your spouse's assessable income, total reportable fringe benefits amounts and reportable employer super contributions less any assessable FHSS released amounts for the financial year.
2. For Income and Accumulation account members who receive personal financial advice from QInvest (ABN 35 063 511 580, AFSL 238274), the QSuper Board may pay for some or all the advice fee for advice related to your QSuper benefit. Eligibility conditions apply. Refer to the Financial Services Guide for more information.