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Your spouse is able to make contributions into your Mercy Super account to help boost your retirement outcomes and, depending on your circumstances, they may be eligible for a tax offset bonus.

Spouse contributions

To share your combined wealth and help top up your retirement savings, your spouse can make after-tax contributions into your Mercy Super account.

Contributions to your account from your spouse can be accepted if, at the time the contributions are made:

  • You are under age 67, or
  • You are aged between 67 and 74, have worked at least 40 hours in a period of no more than 30 consecutive days in the current financial year and have a total super balance of less than $300,000 (in all your super fund accounts)

Taking advantage of the tax offset bonus

If your spouse makes a contribution to your super account and you are a low income earner (i.e. earning less than $40,000 in a financial year or are not working at all), they may be eligible for a tax offset of up to $540.

Let’s look at the rules. To receive the full $540 tax offset bonus:

  • You must earn $37,000 p.a. or less
  • Your spouse will need to contribute $3,000 after-tax to your super account
  • Your spouse can only use the tax offset to reduce the tax payable on their assessable income. If you earn between $37,000 and $40,000 they’ll still receive a partial offset.

You can find more information on the ATO website.

You don’t have to be married to have a ‘spouse’

Your eligible spouse is a person:

  • Who is legally married to the you
  • With whom you live on a genuine domestic basis in a relationship as a couple (including a same-sex partner), or
  • With whom you are in a registered relationship under a law of State or Territory (including a same-sex partner)

Please note: We can explain the options available when looking at your super as a couple, help set up an account for your spouse and our in-house financial advisers can provide advice on the best strategy based on you and your spouse’s own personal circumstances. To get more out of your super contact us on 1300 368 891.

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