If your spouse1 has or will take time out of the workforce before retirement age then their super balance could be impacted. Contribute to their super balance with spouse contributions. There could be benefits for you both now and in the future.
There are 2 ways to do this:
1. Make an after-tax contribution into their super.
2. Split your super contributions.
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Spouse super contributions
If you're retiring as a couple, spouse contributions can be a great way to grow your combined balance.
They can also be a great way to reduce your tax. Eligible contributions could see you claiming up to $540 each year on your tax return.
Beyond growing your shared balance, there are other ways that spouse super contributions can help you reach your goals.
Depending on your situation, you may be able to access your super earlier or even increase your Age Pension entitlement.
Making a spouse contribution is as easy as making a BPAY payment. Your spouse can find their unique BPAY details on their statement or by logging in to their super account online.
Another way of contributing to your spouse's super is through contribution splitting. Contribution splitting allows you to pay up to 85% of your before-tax contributions, which are also known as concessional contributions, to your spouse's super rather than your own.
Before-tax contributions include employer (or SG) contributions and salary sacrifice payments.
You will need to complete some paperwork to authorise contribution splitting with your fund. So make sure you speak with them first so you are following the right steps.
For more information about spouse contributions, including details about eligibility and contribution splitting, visit unisuper.com.au/spousecontributions.
The information contained in this video is of a general nature and doesn't consider your personal circumstances. Before making decisions, consider the relevant PDS and TMD on our website and your circumstances, and whether to seek financial advice. Investment returns can be positive or negative. Past performance isn’t indicative of future performance. UniSuper Advice is operated by UniSuper Management Pty Ltd ABN 91 006 961 799 (USM), which is licensed to provide financial product advice. USM is also the administrator of the fund UniSuper ABN 91 385 943 850 (UniSuper). UniSuper Limited ABN 54 006 027 121 is the trustee of UniSuper.
Why share super with your spouse?
You could be able to access your super earlier
You could qualify for a higher government age pension
It could maximise the amount of super you both transfer into retirement
After-tax spouse super contributions
Make an after-tax, spouse super contribution to your spouse’s account.
You’ll need your spouse’s account details to pay into their super. If they’re with UniSuper, you can pay with BPAY® or by cheque.
They can log in to their account to find their BPAY details.
If you prefer to fill in a form, complete the Spouse contribution form (PDF, 102 KB) and return it to us with your cheque.
The usual rules for after-tax contributions apply.
Tax offset for spouse super contributions
A tax offset of up to $540 each financial year is available on eligible spouse super contributions. You can claim this offset when you do your tax return.
Generally, to be eligible for the tax offset:
- your spouse must earn less than $40,000
- you must live together in Australia.
Other eligibility requirements may apply. For more information, visit the ATO website.
Contributions splitting
You may be eligible to pay up to 85% of your before-tax contributions into your spouse’s super fund account instead of yours.
To do this, your spouse must be aged under 65 or under their preservation age. If they’re over their preservation age but under age 65 they must not be permanently retired.
To split your contributions, complete the Contribution splitting form (PDF, 185 KB) and return it to us.
Eligible before-tax contributions
- employer contributions
- salary sacrifice contributions
- contributions for which you’ve claimed a tax deduction.
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Things you need to know
1 Under the current legislation as ‘a spouse’ is defined as:
- a person to whom you’re legally married,
- a person, whether of the same sex or different sex, with whom you’re in a relationship that is registered under a prescribed Australian state or territory law, or
- a person, whether of the same sex or different sex, with whom you’re not legally married but who lives with you on a genuine domestic basis in a relationship as a couple.