November 20, 2023 | 5 min read
Summary: Maximising super contributions for your spouse is a smart financial move that can benefit both your partner and your family's long-term financial security. By actively contributing to your spouse's super account, you not only help them build a more substantial retirement nest egg, but also enjoy potential tax benefits in the process. However, it's essential to understand the eligibility criteria, contribution limits, and potential implications on other aspects of your retirement plan and estate planning.
Super plays a pivotal role in securing your financial future. While contributing to your own super fund is essential, there's an often-overlooked strategy that can significantly boost your retirement savings: making super contributions for your spouse.
Maximising super contributions for your spouse can lead to significant benefits, including tax advantages and a more comfortable retirement for you both.
Here, we’ll explore the benefits of contributing to your spouse's super account, the eligibility criteria, and some key considerations for you when looking to enhance your retirement savings through spouse super contributions.
Spouse super contributions is simply the process of adding funds to your spouse's super account. This financial strategy can be particularly beneficial for couples who have different income levels or where one partner takes on more responsibility for household and family matters.
By contributing to your spouse's super, you can help them grow their retirement savings, which can ultimately be beneficial to you both.
Before diving into the benefits, it's important to understand the eligibility criteria for making spouse super contributions in Australia:
Now, let's explore the advantages of making super contributions for your spouse:
While spouse super contributions offer several benefits, there are some important considerations to keep in mind:
Making spouse super contributions is a fairly straightforward process. Here are the steps to get started:
Ready to make a spouse contribution? Get started here.
Take our 2-minute check to see how your super compares to other Australians.
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This article has been prepared by NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 (NULIS) as trustee of the MLC Super Fund ABN 70 732 426 024. NULIS is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (‘Insignia Financial Group’). The information in this article is current as at November 2023 and may be subject to change. This information may constitute general advice. The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider obtaining independent advice before making any financial decisions based on this information. It is recommended that you consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) before you make any decisions about your superannuation. You can obtain the latest copy of the PDS (or other disclosure documents) and TMD by calling us on 132 652 or by searching for the applicable product at mlc.com.au. You should not rely on this article to determine your personal tax obligations. Please consult a registered tax agent for this purpose. Opinions constitute our judgement at the time of issue. The case study examples (if any) provided in this article have been included for illustrative purposes only and should not be relied upon for decision making. Subject to terms implied by law and which cannot be excluded, neither NULIS nor any member of the Insignia Financial Group accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in the information in this communication.