We've been doing this for years. $100 per week for 30 weeks. All funds will have at least BSB numbers, one will be your own concessional contributions, the other will be for spouse contributions.
Good content! What happens if you contribute that $3,000. Will this contribution still qualify for the co-payment for the spouse? the one with a max of $500 credit from the government
Hi Chris, thank you for creating this video. It is very interesting topic. If my wife is not working and if I make spouse contribution to my wife in total $20000 per year, how to calculate the total tax offset? Thank you for your help. Best regards’ Dave
Hi Dave, the maximum tax offset available is $540 based on a $3,000 spouse contribution. Contributing more than $3,000 does not increase the maximum offset available.
Hi Gregory. Yes, it can. You can read all of the conditions here www.ato.gov.au/individuals/income-and-deductions/offsets-and-rebates/super-related-tax-offsets/#Taxoffsetforsupercontributionsonbehalfof
Your partner can use the proceeds from the sale of your investment property to contribute to their super (up to the concessional contributions cap limits); which will provide them with a tax deduction. Whether or not they can use the unused caps from previous financial years depends on their super balance and the level of caps available. Super balance needs to be less than $500K as of 30 June of the previous financial year. You can check this through MyGov. However, you wouldn't be able to contribute to your partners super and claim a tax deduction (only to your own super).
@SuperGuyAu What if your spouse is using the bring forward rule i.e. they have contributed over $110,000 NCC and are using part of the following years limit, does this prevent me from contributing the $3000 to my spouse and claiming the tax offset?
As long as your spouse has remaining space available in their cap and does not have a total super balance over $1.9M, then it should be fine. Read more here superguy.com.au/superannuation/spouse-super-contributions-tax-offset/
Me and my partner will earn below the tax free threshold. (We pay no income tax) So say we both make non concessional spouse contributions ($3000) Do we get $540 each, even though we pay no income tax? Note; we are both self employed so no tax has been deducted by an employer. So we will not get a tax refund. We have paid no tax. I presume it is an offset and not a refund.
Certain conditions need to be met in relation to residency and living arrangements. You can read more about it here superguy.com.au/superannuation/spouse-super-contributions-tax-offset. You should seek advice from your accountant in relation to this.
I checked the ATO tax return form but can't see any column that I can enter the spouse contribution amount has been made then get tax offset. Where should I input the spouse contribution during tax return?
This ATO page may help answer your question www.ato.gov.au/Individuals/Tax-return/2023/Supplementary-tax-return/Tax-offset-questions-T3-T9/T3-Superannuation-contributions-on-behalf-of-your-spouse-2023/ However, it is a question for your accountant
thank you Chris, great explanation
You're welcome!
We've been doing this for years. $100 per week for 30 weeks. All funds will have at least BSB numbers, one will be your own concessional contributions, the other will be for spouse contributions.
Nice one!
Good content! What happens if you contribute that $3,000. Will this contribution still qualify for the co-payment for the spouse? the one with a max of $500 credit from the government
A contribution to receive the co-contribution will need to be made separately.
Hi Chris, thank you for creating this video. It is very interesting topic. If my wife is not working and if I make spouse contribution to my wife in total $20000 per year, how to calculate the total tax offset?
Thank you for your help.
Best regards’
Dave
Hi Dave, the maximum tax offset available is $540 based on a $3,000 spouse contribution. Contributing more than $3,000 does not increase the maximum offset available.
Can this be claimed if your spouse's only income is a mix of rental income, dividends and interest as they do not work?
Hi Gregory. Yes, it can. You can read all of the conditions here www.ato.gov.au/individuals/income-and-deductions/offsets-and-rebates/super-related-tax-offsets/#Taxoffsetforsupercontributionsonbehalfof
Is it possible to contribute to my partners concessional contributions for last 5 years, through sale of investment property?
Your partner can use the proceeds from the sale of your investment property to contribute to their super (up to the concessional contributions cap limits); which will provide them with a tax deduction. Whether or not they can use the unused caps from previous financial years depends on their super balance and the level of caps available. Super balance needs to be less than $500K as of 30 June of the previous financial year. You can check this through MyGov. However, you wouldn't be able to contribute to your partners super and claim a tax deduction (only to your own super).
Does the $40,000 limit include the normal employer super contributions?
@SuperGuyAu What if your spouse is using the bring forward rule i.e. they have contributed over $110,000 NCC and are using part of the following years limit, does this prevent me from contributing the $3000 to my spouse and claiming the tax offset?
As long as your spouse has remaining space available in their cap and does not have a total super balance over $1.9M, then it should be fine. Read more here superguy.com.au/superannuation/spouse-super-contributions-tax-offset/
Me and my partner will earn below the tax free threshold. (We pay no income tax) So say we both make non concessional spouse contributions ($3000)
Do we get $540 each, even though we pay no income tax?
Note; we are both self employed so no tax has been deducted by an employer. So we will not get a tax refund. We have paid no tax.
I presume it is an offset and not a refund.
Yes, its an offset not a rebate.
My defacto on bridging visa working in Australia, can do this ?
Certain conditions need to be met in relation to residency and living arrangements. You can read more about it here superguy.com.au/superannuation/spouse-super-contributions-tax-offset. You should seek advice from your accountant in relation to this.
I checked the ATO tax return form but can't see any column that I can enter the spouse contribution amount has been made then get tax offset. Where should I input the spouse contribution during tax return?
This ATO page may help answer your question www.ato.gov.au/Individuals/Tax-return/2023/Supplementary-tax-return/Tax-offset-questions-T3-T9/T3-Superannuation-contributions-on-behalf-of-your-spouse-2023/ However, it is a question for your accountant
Can i claim this tax offset if i make the maxi $3,000 to my wife who has retired and hasn't work for years now?
Unfortunately I did this last year and not aware. I guess not worth backdating
It's not a huge benefit, so maybe not worth it, but something to consider going forward.
I wish I came across this video BEFORE the end of last financial year...
Damn! Just missed out!
If I make a spouse contribution - does it apply to the FHSS?
Hi Coop, unfortunately spouse contributions are unable to be released under the FHSSS rules.