Tax deductions

Did you know that the spouse tax offset eligibility changed for spouse contributions to super?

In 2016–17, you could claim the maximum tax offset of $540 for contributions you make to your spouse’s eligible super fund if, among other things, the sum of your spouse’s assessable income, total reportable fringe benefits and reportable employer super contributions is $10,800 or less. The tax offset amount gradually reduces for income above $10,800 and completely phases out when the income reaches $13,800.

On 1 July 2017, the spouse income threshold increased, meaning more people are eligible to claim the tax offset for the 2017-18 and future financial years. 

Read more here.

#Super #Tax #NKTtax

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