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Spouse Contribution Tax Offset QUERY

Discussion in 'Financial Planning Study Group' started by nana, 25th Jan, 2014.

  1. nana

    nana New Member

    Joined:
    25th Jan, 2014
    Posts:
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    Location:
    Perth
    Hi all

    I am working on my DFP3- Super assignment with Kaplan and I am not too sure with the suppose contribution tax offset.

    To be eligible with tax offset, receiving spouse's assessable income must not exceed $13,800.
    I am not sure if the assessable income include BUSINESS INCOME? as the receiving spouse is a self employed - with annual business income of $65,000; and also a contractor with an annual salary of $5,600.

    If we do not include the business income as her assessable income, the husband will then be eligible to claim for tax offset should he make a spouse contribution.
    However if wife's assessable income includes her business income, the husband will not be eligible.

    Please help!!! Thank you!!! :confused::confused::confused:
     
  2. Terryw

    Terryw Well-Known Member

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    Location:
    Sydney
    Business income is assessible.
     
  3. mrsmac06

    mrsmac06 New Member

    Joined:
    28th Aug, 2014
    Posts:
    3
    Location:
    gladstone qld
    Hi, im currently working on this at the moment and I am really stuck on this question. I notice this was posted back in Jan. So was hoping you might be able to let me know if I am right. I have put the following answer. Does it seem right?

    Carlos unfortunately you are unable to claim the spouse contributions tax offset. Although Rosa only earnt $5,600 from her employer her overall assessable income for the year was $70,600 and yours was $140,000. To be eligible to claim the tax offset your assessable income, reportable fringe benefits and reportable superannuation contributions must be less than $13,800. The lower threshold for the maximum rebate is $10,800. As both of your assessable incomes are above $13,800 you will not be eligible to claim the spouse contributions tax rebate.
     
  4. mrsmac06

    mrsmac06 New Member

    Joined:
    28th Aug, 2014
    Posts:
    3
    Location:
    gladstone qld
    Help!!

    Hi, im currently working on this at the moment and I am really stuck on this question. I notice this was posted back in Jan. So was hoping you might be able to let me know if I am right. I have put the following answer. Does it seem right?

    Carlos unfortunately you are unable to claim the spouse contributions tax offset. Although Rosa only earnt $5,600 from her employer her overall assessable income for the year was $70,600 and yours was $140,000. To be eligible to claim the tax offset your assessable income, reportable fringe benefits and reportable superannuation contributions must be less than $13,800. The lower threshold for the maximum rebate is $10,800. As both of your assessable incomes are above $13,800 you will not be eligible to claim the spouse contributions tax rebate.
     
  5. mrsmac06

    mrsmac06 New Member

    Joined:
    28th Aug, 2014
    Posts:
    3
    Location:
    gladstone qld
    Help!!!



    Hi, im currently working on this at the moment and I am really stuck on this question. I notice this was posted back in Jan. So was hoping you might be able to let me know if I am right. I have put the following answer. Does it seem right?

    Carlos unfortunately you are unable to claim the spouse contributions tax offset. Although Rosa only earnt $5,600 from her employer her overall assessable income for the year was $70,600 and yours was $140,000. To be eligible to claim the tax offset your assessable income, reportable fringe benefits and reportable superannuation contributions must be less than $13,800. The lower threshold for the maximum rebate is $10,800. As both of your assessable incomes are above $13,800 you will not be eligible to claim the spouse contributions tax rebate.