Would you like to increase your family's super savings and decrease your tax?
Have you considered contributing to your spouse's super?

Legislation now allows you to contribute to super on your spouse's behalf. If your spouse earns less than $10,800 assessable income, you can claim an 18 per cent rebate on contributions up to $3,000. A reduced rebate may be available if your spouse earns less than $13,800.

 

Contributing to your spouse's super means that you increase your retirement nest-egg using a tax effective savings strategy. Remember earnings on super are taxed at a maximum of 15 per cent!

 

There are a variety of situations where this investment strategy will be suitable. The following example shows how you can save with spouse super.

 

Mr Brown is employed and earns $90,000 pa. His wife has not worked for a few years and is at home with their two young children.

 

Mr and Mrs Brown are very conscious of the need to save for retirement. Mr Brown has salary sacrificed into super (pre-tax super contributions), as well as making voluntary contributions. They have invested in shares and unit trusts in both their names in order to spread any tax burden associated with these investments.

 

The spouse contribution provisions add another option to their choice of investment strategies to build their wealth for retirement.

 

Mr Brown can make contributions to super on Mrs Brown's behalf. In addition, because she's earning less that $10,800 in assessable income, Mr Brown's entitled to claim an 18 per cent rebate on the first $3,000 of these contributions ($540 in total).

 

An Insight Investment Services Adviser can assist you with establishing this very effective retirement planning strategy.

 

Click here if you would like an adviser to contact you.