Spouse contributions
If your partner's working part-time or taking time off from the workforce, they may have reduced super savings. This shortfall may impact how you both live in retirement.
The good news is, you can help boost their super. By adding to your eligible partner's* account before 30 June every year you enjoy the satisfaction of a stronger financial position and a possible tax offset of up to $540.
How do spouse contributions work?
You can help boost your spouse’s super balance with a payment from your own money, particularly if they work or earn less than you. Contributing with your own money could also help your combined super savings, especially if you’ve already met your contribution cap for the year. There’s also a tax incentive if your partner meets certain criteria.
Rewards for you and your partner
Regardless of what your partner earns you can make a contribution to their account. As long as their total income is under $37,000 this financial year, you can claim a tax offset of 18% on the first $3,000 of spouse contributions you make to their super account (up to a maximum offset of $540). If your partner's total income is between $37,000 and $40,000 per year, you can still claim an offset but it works on a sliding scale.
Use our Spouse tax offset calculator to explore the possible tax offset for your contribution.
Calculate your potential rebate
How to make a contribution
There are two easy ways to contribute to your spouse's account. Once you have made a contribution into your spouse's account you can then claim the tax offset through your annual tax return.
Another option for both of you: Contribution splitting (pre-tax)
If it’s more advantageous for you to make a pre-tax contribution to your spouse’s super account, you can split your super guarantee (employer) payments into your partner’s super account. This is called contribution splitting and knowing how it works might help you or your partner access super benefits or pension payments sooner.
Need help with spouse contributions?
At TelstraSuper we’re here to help you build a secure financial future. TelstraSuper Financial Planning has a team of phone based Advisers who can provide you with simple advice to help you work out if you could benefit from spouse contributions. If you’d like to discuss growing you or your spouse’s super or if have any other financial advice queries contact us on 1300 033 166 or fill in our online contact form. There's no additional cost for our phone based advice as this is included in your TelstraSuper membership.
Online contact form* Your spouse must be living with you on a bona fide domestic basis as your husband, wife or de facto (includes same sex couples). Contributions can be made for a spouse under age 75 (includes the period up to 28 days after the end of the month in which they reach age 75). Contributions made on behalf of your spouse will count towards their post-tax (non-concessional) contributions cap. Limits apply to post-tax contributions and there is no tax offset available if you have exceeded the post-tax contribution cap. Telstra Super Pty Ltd cannot accept post-tax contributions for any member for whom we do not have a tax file number. Your spouse's total superannuation balance must not be greater than $1.6m as at the end of 30 June of the previous financial year.
BPAY® registered to BPAY Pty Ltd, ABN 69 079 137 518.
Any general advice has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any investment decision, you should obtain and read the relevant product disclosure statement and target market determination. You may wish to consult a financial adviser before you make any decisions relating to your financial affairs. Past performance is no indicator of future returns.