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Tax benefits for your spouse
Taxation laws are complicated so before making any decisions about a tax-effective superannuation savings strategy, Plum recommends you seek the advice of a qualified financial adviser.
To aid your understanding, below are just some of the tax benefits that may be available to your spouse if you establish an ESP account on their behalf:
- if your spouse earns less than 10 per cent of their income (which includes assessable income plus reportable fringe benefits) from gainful employment, for example they’re self-employed or not employed at all, they can make personal contributions into their Plum ESP account – and may be able to claim these contributions as a tax deduction to reduce their income tax5; and
- if your spouse (whether gainfully employed or self-employed) earns less than $58,980 p.a. they may be eligible for a Government co-contribution if they make an after-tax contribution into their Plum ESP account.6 This co-contribution can be as much as $1.50 for every $1.00 (to a maximum of $1,500) your spouse contributes into their super – that’s a return of 150 per cent - a real super boost!
Consider the above before 30 June and you could see the benefits in this year’s tax return.
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