SPOUSE ACCOUNTS

To boost your joint retirement savings with your spouse, why not consider the benefits a Goldman Sachs & JBWere Superannuation Fund spouse account can offer? If you are an employee member of the Fund, your spouse is eligible to open a spouse account into which they can make before- and after-tax contributions. However, spouse accounts cannot accept any employer contributions.

ENJOY A TAX OFFSET

If your spouse earns less than $40,000 a year, you may qualify for a tax offset of up to $540 for contributions of up to $3,000 that you make to super on their behalf in a financial year. This may be particularly helpful for a spouse who is not working, working part-time or has taken a career break.

SUPER CO-CONTRIBUTIONS

If your spouse is a low-income earner or isn’t working, the Government’s super co-contributions is a way to boost super savings. If their income is at or below the threshold of $58,445 for the 2023/24 financial year and $60,400 for the 2024/25 financial year, they may qualify for a super co-contribution when they make post-tax contributions to super. If their income is $43,445 or less in the 2023/24 financial year and $45.400 or less for the 2024/25 financial year, they will receive 50 cents for every dollar contributed up to the $500 maximum. Co-contributions reduce as income increases, ceasing when upper income threshold is reached. If eligible, the co-contribution is paid automatically into your spouse’s Fund account once their tax return has been assessed for the relevant financial year.

SPLITTING YOUR CONTRIBUTIONS

Concessional contributions (up to 85% of employer and salary sacrifice contributions) from last financial year can be split with your spouse in this financial year. Contribution splitting can be a useful way to boost your spouse’s super if they aren’t working or are looking to retire or to maximise your combined super savings. To split contributions, complete a Contributions splitting application form, available from the Fund website. Seeking advice from a licensed financial adviser before making and changes to your contributions is recommended.  

BECOMING A SPOUSE MEMBER

For details about membership in the Spouse Division, making or splitting contributions or super co-contributions, read the Features Guide. If your spouse wants to become an Eligible Spouse Division Member, please complete and return the Application for membership form.

For assistance, call the Goldman Sachs & JBWere Superannuation Fund Helpline on 1800 025 026.