I'm on a high income and my wife is on a low income. Between us we have a reasonable amount of savings and a mortgage almost paid off. I'm contemplating the tax benefits in topping up her super. There seems to be different tax treatments based on if she tops up her super, or if I top up her super
- If she puts in an additional $1,000 to her super, the government will kick in an additional $500 as a super co-contribution
- If I top up her super with $3,000, I get a $540 tax offset
So for the net price of $3,460, we get $4,500 into her super account. Is there anything I'm missing here?
There's also the Low income Super Tax Offset but I don't think there's anything we can do to maximise this, short of her working more.
Edit - fixed up the maths