If you have a working spouse or partner – and they’re able to add a bit extra to your super - there could be benefits for you both.
For your partner to make an after-tax spouse contribution into your account, or vice versa, you’ll need each other’s account details. If your partner is with HESTA, contributions can be paid with BPAY® or by cheque.
If your income is less than $37,000 per year, your partner can claim an 18% tax offset on up to $3,000 for any after-tax, spouse contributions they make. The maximum spouse contributions tax offset available is $540 per year.
The offset also applies to spouses earning less than $40,000 per year, but it reduces by $1 for every $1 of total income over $37,000.
To be eligible to receive the tax offset, you both need to meet certain criteria. To find out if you do, visit the ATO website.
To be eligible to receive the tax offset, both you and your spouse need to meet certain criteria.
Contribution caps apply. To find out more, visit the ATO website.
This is another way to share the super load. Your partner can boost your super by splitting up to 85% of their before-tax contributions with you (or vice versa). These are the contributions already made or received in the previous financial year.
Contribution splitting is a different strategy to spouse contributions. Using both spouse contributions as well as contribution splitting strategies could provide a double boost for you and your partner in building your super balances.