Other ways to contribute
Way to contribute to your spouse's super account
If you have a 'super gap' due to time off work while caring for family, your partner can split their pre-tax contributions with you. It's a tax effective way to balance a more secure financial future together. And it works both ways - you can contribute to their super later.
There are two ways to increase your spouse’s super:
- Personal spouse contributions: paid directly to your spouse’s account as non-concessional contributions
- Contribution splitting: you can split your concessional (before tax) contributions with your spouse.
If your partner contributes up to $3,000 to your super from their after tax income, they can receive a tax offset of up to $540 - as long as you earn less than $40,000 p.a.
|Receiving spouse's relevant income (RI)||Maximum rebatable contributions (MRC)||Maximum offset (18% of lesser of)|
|$0 - $37,000||$3,000||MRC or total spouse contributions|
|$37,000 - $40,000||$3,000 - (RI - $37,000)||MRC or total spouse contributions|
- Tax offset of 18% on up to $3,000 in spouse contributions
- Maximum offset available to contributor is $540
- Relevant income (RI is assessable income + reportable fringe benefits total + reportable employer super contributions
- Eligible spouse must be under age 70. If aged 65 to 69, they must be gainfully employed at least 40 hours in a period of not more than 30 consecutive days in that financial year.
Pre-tax contributions can also be split, including a salary sacrifice arrangement. When you 'split' super contributions, money is transferred from your partner's super account into your account, or vice versa.
If you'd like to set up spouse contributions or learn more, download the form below or call us.
Every dollar can make a big difference to your super balance, as it will compound over the years. So if you earn less than $56,112* per year it may be worth making a personal contribution to your super - as the government can add a tax-free amount of up to $500 into your MyLife MySuper account if you're eligible.
You'll receive up to $0.50 for every $1 you add to your super during the financial year - whether it's a regular payment or a one-off top up from your after tax income.
The total co-contribution is capped at $500 and depends on your income and other factors as set out below. You will need to lodge a tax return to receive it.
To receive a government co-contribution you need to:
Make voluntary, after tax contributions during the financial year
Earn less than $56,112 p.a., with at least 10% from running a business or from an employer*
Be aged under 71 at the end of the financial year
Be an Australian resident
Lodge an income tax return for the financial year
Have a total balance (of all your super accounts) on 30 June 2022 below your transfer balance cap. For most people, the transfer balance cap in the 2021/22 financial year is $1.7 million, but if you have used any of your super to start a pension it will be somewhere between $1.6 and $1.7 million. The ATO can tell you the amount of your transfer balance cap.
Ensure you do not contribute more than your non-concessional contribution cap in the 2021/22 financial year
Please note, if you've held a temporary resident visa at any time during the financial year, you are not eligible.
|Your salary* (per annum)||Your contribution amount||The maximum you could receive|
|$41,112 or less||$1000||$500|
|$56,112 or more
Check your entitlements with this co-contribution calculator.
*For the 2021/22 financial year
You'll need to ensure you make a personal (after-tax) super contribution before the end of the financial year to be eligible.
Contributions for this financial year must be received by the 30 June 2022 cut-off date to allow time for processing into your account. Payments made after this date may count towards the next financial year. Most government super co-contribution payments are paid automatically into your super account by the Australian Taxation Office (ATO) between November and January each year.
There are three easy ways for you to top up your super with after-tax contributions:
*For the -2021/22 financial year
Need some help?
Contact us if you have any questions about the government co-contribution and how it could help boost your super.