With the end of the financial year just around the corner, now’s the time to give your superannuation a healthy boost. Whether you’re looking to reduce your tax bill, take advantage of government incentives, or simply build your retirement savings, these five savvy strategies can help you make the most of your super before EOFY, 30 June 2025.
- Top Up with Concessional (Pre-Tax) Contributions
Concessional contributions—such as salary sacrifice or personal deductible contributions—are taxed at just 15%, which is usually lower than your marginal tax rate. You can contribute up to $30,000 per year (inclusive of your employer’s 11.5% Super Guarantee). This strategy can help reduce your taxable income and grow your retirement savings.
- Catch Up on Unused Contribution Caps
Haven’t used your full concessional cap in the last few years? Good news: if your total super balance is under $500,000 at 30 June 2024, you can carry forward unused cap amounts from the past five years and make a lump sum contribution this year. It’s a great way to catch up if you had lower contributions in previous years.
- Make the Most of Non-Concessional (After-Tax) Contributions
These contributions don’t attract tax on the way in, but they can significantly grow your retirement savings over time. You can contribute up to $120,000 annually, or even $360,000 over three years using the bring-forward rule (if eligible). If you’re a low- to middle-income earner, you may also be eligible for a government co-contribution of up to $500 when you make a personal after-tax contribution.
- Boost Your Partner’s Super and Get a Tax Offset
If your spouse earns under $37,000 (or less than $40,000 with a reduced offset), you could be eligible for a tax offset of up to $540 by making a spouse contribution. It’s a great way to support your partner’s retirement savings while reducing your own tax.
- Split Contributions with Your Spouse
Want to balance out super between you and your partner? You may be able to split up to 85% of your concessional contributions with your spouse. This can help manage future tax liabilities, especially if one partner earns significantly less or is planning to take a career break.
Taking action before 30 June can make a real difference—not just to your tax return, but to your future financial security. Whether you’re building your own super, supporting your partner’s, or leveraging contribution caps, these strategies can help you maximise your savings and minimise tax.
Need help choosing the right strategy? Speak with your financial adviser or tax professional to make sure your contributions align with your goals and the latest super rules.
Start now — your future self will thank you.
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