Are you and your significant other planning a wedding? While it’s not usually high on the wedding day to-do list, it is worthwhile after the honeymoon is over to get your tax affairs in order now you’re officially hitched.
Because you’re legally identified as a spouse there are a couple of changes you’ll need to make when you next file your taxes. There’s the easy stuff, like ticking the box that says you have a spouse and updating your details if you’ve changed your name. Unlike some countries where you can lodge a ‘family return’, in Australia each partner is required lodge an individual tax return.
Both partners in the couple need to alert the ATO when they’ve become a spouse and what their income and assets are. This will help the ATO calculate your eligibility for various entitlements and offsets. This includes the Superannuation Spouse contribution and the Private Health Insurance rebate. You’ll still be able to consider any assets brought into the marriage, like shares for example, as individual assets.