Government Co-Contribution can also boost your partners and adult children’s Supers. Depending on their income, if they put $1000 a year, $83.5 a month or $38.5 a fortnight of post-tax salary/earnings (even from investments) into their Super then the Government will match it 50%. This happens automatically so there is no work or reporting for you to do.
Remember, that’s before employer contributions or other deposits
If you are coming from or arrived recently from overseas. I hope your partners circumstances and qualifications are easily transferable, they have arranged or can find well paid work, and they can set up their own future financial success. (Transferring qualification costs are tax deductable should it lead to employment)
If both partners intend to work and be in higher tax brackets, how to split your shared funds, assets or investments is best discussed with a tax agent looking several years ahead. More kids on the horizon? Planning to move around Australia often meaning one or more partners will be stopping work periodically? Get professional advice on how to get the names right on the accounts. whether they are to be individual or shared before your 1st tax claim.
Should the sponsored persons partner not be intending to work, work part time and stay in the tax free or 15% tax bracket then larger asset separation may be more appropriate. (subject to professional advice)
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