3 Year End Tax Planning Tips

Posted on Jun 22, 2012 | 0 comments

1.  Superannuation for life: Child accounts

Parents, grandparents and friends are able to contribute to superannuation on behalf of children. Contributions of up to $3,000 per child may be made on behalf of a child under the age of 18 during any three (3) year period. Contributions made by an employer of the child or the child themself are subject to the normal rules relating to members under the age of 65. Before accepting contributions in respect of a child however, trustees should ensure that the trust deed allows contributions to be made by or in respect of a child under 18.

 2. Super co-contribution

In the 2011-12 Federal Budget, the government announced that the freeze of the indexation applied on the co-contribution income thresholds will apply for an additional year.

Table: Reductions to the co-contributions scheme

Year of entitlement

Maximum entitlement

Matching rate

Lower threshold

Higher threshold











 3. Superannuation spouse contribution tax offset

A tax offset may apply if contributions are made on behalf of your spouse to a complying super fund or a retirement savings account (RSA).

This tax offset applies to contributions made on behalf of non-working or low-income-earning spouses, whether married or de facto.

You may be able to claim an 18% tax offset on super contributions of up to $3,000 you make on behalf of your non-working or low-income-earning spouse.

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