Improve superannuation balances of low income spouses
In the 2016-17 Budget it was announced that from 1 July 2017, the current 18% tax offset of up to $540 will be available for any individual, whether married or defacto, contributing to the super account of a spouse whose income is up to $37,000.
This is an increase from the current income threshold of $10,800.
As is currently the case, the offset is gradually reduced for income above this level and completely phases out at an income above $40,000.
Legislation and supporting material
Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016External Link received Royal Assent on 29 November 2016.
We are committed to providing public advice and guidance to complement the legislation that has been introduced. Further details can be found here.
Find out moreIn the 2016-17 Budget it was announced that from 1 July 2017 the current 18 per cent tax offset (of up to $540) will be available to an individual contributing to a spouse whose income is up to $37,000.