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
- Legislation is currently being developed for this measure.
Find out more
In 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.