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TAX OFFSET FOR SUPER CONTRIBUTIONS ON BEHALF OF YOUR SPOUSE FROM 1 JULY 2017

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24
May

In the 2016-17 Federal budget the government announced that from 1st July 2017, the threshold for the low-income spouse superannuation tax offset will be increased from $10,000 to $37,000. A taxpayer as a spouse will be receiving 18% tax offset on the amount contributed to spouse’s superannuation fund. A taxpayer can enjoy highest $540 tax offset regarding this as taxpayer’s partner’s income increases; offset reduces and is phased out completely if spouse’s income becomes $40,000 per annum. To be qualified for this tax offset taxpayer’s spouse’s income requires being less than the $37,000 threshold and taxpayers needs to contribute at least $3,000 in spouse’s superannuation fund.


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