Reduce your tax liability
Sometimes the most financially sensible course of action is to give your money away. Not necessarily to random strangers (although we're all for charity), we're thinking more along the lines of giving money to those nearest and dearest. If your spouse earns less than $13,800, you could qualify for a tax rebate for making a contribution to their super account.
That's a tax rebate, not a tax deduction. So you get to take the amount of your spouse contribution rebate directly off the amount of income tax you owe. Not a bad reward for being generous. And if you 'forget' to mention the tax rebate to your spouse and let them think that you're doing it out of the goodness of your heart, we won't tell.
As with any investment strategy, you're personal circumstances are critical to determining whether this strategy will work for you. Speak to your financial adviser about your personal circumstances - they'll make appropriate recommendations and help you to implement them.
The key to your financial future is a series of small, sensible steps. The general advice provided here doesn't take into account your personal objectives, financial situation or needs and because of that, the very first step is to speak to your financial adviser. Your financial adviser can take you through all of these strategies and many more besides. They know your personal financial situation and are perfectly placed to pick out the strategies that are going to work for you, and then help you implement them.
For more information, please read spouse super contributions
If you'd like more information, talk to your financial adviser. If you don't have an adviser, we can help you find one.