Super and having a baby

Make spousal contributions

Much like contribution splitting, higher-earning partners may also contribute take-home earnings into their partner's super account. While this may not be as tempting as a pre-tax contribution, there is an 18% tax-offset on any contributions made (up to $540 for those earning under $37,000 p.a.), and it helps create a more level retirement fund between the two of you.

Find out more about spousal contributions.

Tip: Spousal contributions are very easy to arrange — you can organise it right from the Rest App

Australian government super co-contributions

If you earn less than $53,564 a year, there are some other things you need to check to make sure you are eligible.

• Your total income is under $53,564 for the 2019-20 financial year. Note: The maximum co-contribution reduces as your income increases.
• 10% or more of your total annual income is from eligible employment, running a business or combination of both.
• You make at least one after-tax contribution to your super account during the financial year.
• You're under 71 years of age at the end of the financial year.
• You have a total super balance less than $1.6 million on 30 June of the year before the relevant financial year.
• You lodge an income tax return with the Australian Tax Office for the financial year (any member over 65 must satisfy the work test).
• You're an Australian citizen, a permanent Australian resident or a New Zealand citizen working in Australia.
• You've provided us with your Tax File Number.

Things to consider while planning your pregnancy.

It might be low on your current priorities, but a quick finance check will ensure your super is in the right position so you can focus on what's in front of you:

1. Make sure your super accounts are consolidated (learn more about this here)
2. Maximise your contributions in the months leading up to your due date. Voluntary contributions will put you ahead, and are tax-effective.
3. Evaluate your paid leave situation (including super payments, if any), and create a budget that allows you to make voluntary contributions where possible*.
4. Explore co-contribution arrangements, either from your partner or from the government.

Tip: * Work related expenses like lunch, coffee and transport may no longer apply when you go on leave. Try Rest's small change calculator to find out how much you could be saving!