Alternatively you may be eligible to claim a tax offset for contributions made on behalf of your non-working or low income earning spouse.
The Low Income Superannuation Contribution (LISC)* is a helping hand from the Australian Government to assist low income earners save for their retirement. From 1 July 2012, the Government provides a LISC of up to $500 annually for eligible individuals on adjusted taxable incomes of up to $37,000.
If you are eligible for the Super Co-Contribution*, the government will match your personal super contributions at a 50% matching rate up to a maximum super co-contribution rate of $500.
You may also be eligible to claim a Spouse Super Contribution Tax Offset* if contributions are made on behalf of your spouse to a complying superannuation fund or retirement savings account. This tax offset applies to contributions made on behalf of non-working or low-income earning spouses, whether married or de facto. You may be able to claim an 18% tax offset on super contributions of up to $3,000 you make on behalf of your non-working or low income earning spouse.
*Eligibility conditions apply. To find out more information about whether you are eligible visit the following links. https://www.ato.gov.au/
Director and Founder of 1st Street Home Loans, Jeremy Fisher, is one of the most awarded mortgage brokers in the industry and winner of the Australian Broker Association's prestigious 'Australian Broker of the Year'. Since 2001, Jeremy has settled in excess of $500 million worth of property loans and delighted clients with exceptional results and highly personalised service. 1st Street Home Loans specialises in Home Loans, Commercial Loans, Leasing and Financial Planning.