What is ATO Spouse Superannuation Contributions?
Spouse superannuation contributions are payments made to a partner’s superannuation by an employer or through the Australian Taxation Office (ATO). These voluntary contributions are made for the purpose of increasing the amount that can potentially be received from the partner’s super account at retirement. The ATO Spouse Contribution is a tax incentive designed to help support couples looking to boost their retirement strategies. How Does It Work? The ATO Spouse Contribution allows eligible people, who earn an income up to $37,000 a year, to claim an 18% rebate on after-tax voluntary contributions they make into their spouse’s superannuation account. This means that any contribution up to $3,000 in value will result in a maximum credit of $540 which reduces your taxable income. This incentive is limited each financial year and only applies if your spouse earns $37,000 or less during that same fiscal period. If you and/or your spouse earn more than this amount then you may not be el