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Super related tax offsets 2017 & 2018

Low Income Superannuation Tax Offset

If you earn less than the $37,000 you are entitled to a refund of contributions tax paid on concessional contributions, up to a limit of $500.[1]

Adjusted Taxable Income

Maximum Offset

Tax Refund on Concessional Contribution

  ≤ $37,000

$500

15%

spouse-contribution
Spouse Superannuation Tax Offset

You can claim an 18% tax offset worth up to $540 for contributions on behalf of your spouse who is earning a low income or not working.[2] [3]

Financial Year

Receiving Spouse Assessable Income (SAI)

Maximum Contributions Entitled to Tax Offset (MC)

Maximum Tax Offset

2016-2017

$0 – $10,800

$3,000

$540

$10,801 – $13,799

$3000 – (SAI – $10,800)

MC × 18%

$13,800 and over

Nil

Nil

2017-2018

$0 – $37,000

$3,000

$540

$37,000 – $40,000

$3000 – (SAI – $37,000)

MC × 18%

$40,000 and over

Nil

Nil

 


[1] You would not be eligible if you have held a temporary resident visa.

[2] Meet all of the following conditions – (1) The contributions were not deductible to you, (2) Both you and your spouse were Australian residents, 3) You were not living separately and apart on a permanent basis, (4) Your spouse had not exceed non-concessional contribution cap, (5) Your spouse had not exceeded the transfer balance cap.

[3] You shall discuss with us if you estimated that your spouse’s assessable income will be under the threshold of $13,800 in 2017, or $40,000 in 2018.

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