My wife and I are expecting our first child, and we are currently putting aside $2000 a month to pay for private high school fees that will commence in about 12 years’ time. The logic is that these savings are quarantined from our normal expenses, plus we won’t know our income 12 years from now. We believe it’s better to save now, rather than worry about how to afford the fees in the future .
Given the difference in your ages, the best strategy would be for your wife to move the contributions to your account each year under the spouse contribution splitting arrangements. This would ensure the money is available in 12 years when you are 67. In your will, bequeath it to an individual, and they will inherit it at your cost base. If they choose to personally donate it to charity, they will be eligible for a tax deduction. Then it’s the first scenario again. They will enjoy a personal tax deduction for the total gift that will more than offset any CGT liability.
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