WEEKLY E-MAIL
TOPPING UP YOUR SUPER – OTHER CONTRIBUTIONS
By Paul Nicol
In addition to concessional and non-concessional contributions into superannuation that were covered in our previous emails, you can also use Government Co-Contributions and Spouse Contributions to boost your superannuation assets for retirement.
Below we have outlined these contributions in detail.
Government Co-Contributions
For the current financial year, if your assessable income position is less than $58,455 (of which at least 10% must be from eligible employment or carrying on a business), you can make a personal non-concessional contribution into superannuation and the government will match up to 50% of your contribution (to a maximum of $500).
The table below shows the government contribution you may be eligible for based on your assessable income position and the contribution made:
| Assessable Income | Personal contribution made into super | |||
| $1,000.00 | $800.00 | $500.00 | $300.00 | |
| $43,445 or less | $500.00 | $400.00 | $250.00 | $150.00 |
| $44,945 | $450.00 | $350.00 | $200.00 | $100.00 |
| $46,445 | $400.00 | $300.00 | $150.00 | $50.00 |
| $47,945 | $350.00 | $250.00 | $100.00 | $0.00 |
| $49,445 | $300.00 | $200.00 | $50.00 | |
| $50,945 | $250.00 | $150.00 | $0.00 | |
| $52,445 | $200.00 | $100.00 | ||
| $53,945 | $150.00 | $50.00 | ||
| $55,445 | $100.00 | $0.00 | ||
| $56,945 | $50.00 | |||
| $58,445 | $0.00 | |||
To be eligible for the maximum contribution of $500, you must earn less than $43,445 and make a personal non-concessional contribution of $1,000 as shown above.
To be eligible for the contribution, you must meet the following criteria:
- Your assessable income position needs to be less than $58,445
- At least 10% of your assessable income is from eligible employment or carrying on a business
- You must be less than 71 years old at the end of the financial year
- Your total super balance is less than $1.9 million as at 30 June 2023
You do not need to apply for the co-contribution, the Australian Tax Office (ATO) will determine whether you qualify for the contribution based on the data received from your super fund and the information contained in your personal tax return for that financial year.
Government co-contributions form part of the tax-free component of your superannuation benefit.
Spouse Contributions
For the current financial year, if your spouse’s assessable income position is less than $40,000, you may be able to make a contribution into superannuation on their behalf, to be eligible for a tax offset of up to $540.
To qualify for the full offset of $540, your spouse must earn less than $37,000 this financial year, and you must make a contribution of $3,000 into superannuation on their behalf before 30 June 2024.
The offset amount gradually reduces as your spouse’s income level increases and will phase out completely once their assessable income exceeds $40,000. The offset amount will also reduce if the contribution you make into superannuation is less than $3,000.
To be eligible to make a spouse contribution, you and your spouse must be legally married or in a de-facto relationship and living together on a permanent basis. In addition, the receiving spouse must be:
- Under age 75
- Have a total super balance of less than $1.9 million as at 30 June 2023
- Not exceeded their non-concessional contribution cap of $110,000 for the current financial year or $330,000 (after triggering bring forward rules)
The spouse making the contribution can be any age and does not have to meet any employment conditions.
Spouse contributions form part of the tax-free component of your superannuation benefit.
After making a spouse contribution, the tax offset can be claimed when completing your personal tax return for the financial year the contribution was made.
If you believe you are eligible to make either of these contributions and want to discuss the specifics of your situation, please reach out to your adviser.
Paul Nicol
Managing Partner
Senior Financial Planner
SMSF Specialist Advisor™
Barron’s Top Financial Adviser 2017-2023
Authorised Representative No. 230876
If you have any questions or comments, please email me at paul@gfmwealth.com.au
Disclaimer: This document is not an offer or invitation to any person to buy or sell any interest in or deposit funds with any institution. The information here is of a generic nature, and does not take into account your investment objectives or financial needs. No person should act upon this information without firstly seeking competent, professional advice specifically relating to their own particular situation.
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