Super Reforms - What you need to know

Are you contributing super to your Spouse’s Super?

Currently a tax offset is available for a person contributing to a spouse’s Super fund, where the spouse’s income is less than $10,800 per annum. From 1 July, 2017, the spouse’s income threshold increases to $37,000 for the tax offset to apply.

The tax offset of up to $540 will now be available where the spouse earns up to $37,000. Contributions to a spouse’s Super will be included as Non-Concessional Contributions. A spouse must be under the age of 70 to be able to receive the contribution.

We encourage you to seek professional financial advice to understand how the complexity of reforms may impact on your personal situation and to review appropriate options and strategies aligned to your financial goals.

If you would like advice on how the changes may affect your Superannuation and retirement planning, I encourage you to contact our office on 07 3720 1299 or email admin@wealthfundamentals.com.au so we can help you to make the most of your Super

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Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306 Australian Credit Licence No. 357306 trading as Fortnum Financial Advisers.

The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only - unless otherwise stated. Wealth Fundamentals strongly suggests that you should not act on it without first obtaining professional advice specific to your circumstances. This information is based upon our understanding of legislation at the time of writing. Such legislation may be subject to change.

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