Spouse Super Tax Offset
Thursday, March 8th, 2007What is the Spouse Super tax offset?
If you make contributions to a superannuation fund on behalf of your spouse, you may be entitled to a tax offset.
As always, there are certain criteria to meet:
- Your spouse’s assessable income, plus any reportable fringe benefits must be less than $13,800 (current as at 30/06/2006)
- Both the taxpayer and spouse must be Australian residents
- A rental loss will affect this, as it is generally added back into the income for this purpose.
Superannuation rules change all the time, so always check the current tax rules when claiming. Your tax preparer should have all the correct information at the time you complete your tax return.
Currently though, the superannuation tax offsest is calculate at 18% of contributions up to a ceiling of $3,000. The maximum tax offset therefore, is $540. To be able to claim the maximum offset, the spouse’s assessable income should be $10,800 or less, and the contributions need to be a minimum of $3,000.
If you are completing your own tax return, this is claimed at Item T7 on your return.