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Australian Tax Agency Explains Spouse Tax Offset Change

by Mary Swire, Tax-News.com, Hong Kong

23 February 2017


The Australian Taxation Office has issued guidance on changes to the spouse tax offset that will enter into force on July 1.

Under the current rules, an individual can claim an 18 percent tax offset of up to a maximum of AUD540 (USD416) for contributions they make to their spouse's eligible superannuation fund. The claim can be made if, among other things, the spouse's total assessable income, reportable fringe benefits, and reportable employer superannuation contributions is under AUD13,800.

From July 1, the upper limit for spousal income will rise to AUD40,000. As is currently the case, the offset will gradually reduce for incomes above AUD37,000.

Individuals will not be entitled to the tax offset when the spouse receiving the contribution has exceeded their non-concessional superannuation contributions cap for the relevant year, or the spouse has a total superannuation balance equal to or more the general transfer balance cap (AUD1.6m for 2017-18) immediately before the start of the financial year in which the contribution cap was made.

TAGS: tax | pensions | fringe benefits | retirement | Australia | tax thresholds | tax authority | tax breaks | tax reform | individual income tax

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