Supercharge your Super before 30 June

  • Writer : Admin
  • Date : 2024.06.10

The end of the financial year can have a tendency to creep up on you. As we roll into June, suddenly your inbox is bombarded with end of financial year sales, and you’re left thinking, ‘Where has this year gone. It feels like Christmas was only yesterday!’.

Then you remember the superannuation tasks you've been putting off.

If this sounds familiar, then keep reading for our top five tips for making the most of your superannuation before 30 June. 

Five ways to boost your Super with contributions

1. Consider additional Concessional Contributions (Pre-Tax Contributions)

Why? Because these contributions are taxed at just 15% within superannuation, potentially lowering your taxable income and building up your retirement savings. It's like giving less to the taxman and more to the future you!

You're allowed up to $27,500 annually, including your employer's superannuation guarantee contribution. However, there is one exception …

2. Catch up on Unused Concessional Contributions

If you haven’t maxed out your concessional contributions from previous years, since 1 July 2018, legislation allows you to make 'catch-up' contributions if you meet certain conditions, including that your total super balance was under $500,000 as of 30 June in the previous financial year.

You can log onto the myGov website and look back up to five years to see if you have unused concessional contributions caps you can take advantage of.

3. Take Advantage of Non-Concessional Contributions (After-Tax Contributions)

If you’re a low- or middle-income earner, the government co-contribution scheme is a great way for you to contribute to superannuation personally AND get a little bonus top up of up to $500 from the government.

It’s also a great way to add larger amounts to super because if certain requirements are met, you’re allowed to contribute up to $110,000 per year (or $330,000 if you are eligible to ‘bring forward’ future contributions). 

4. Sharing the Super love with Spouse Contributions

If your partner's income is low, contributing to their super could earn you a tax offset of up to $540.

It's a win-win: you help increase your family's total super savings while scoring a tax perk for yourself.

5. Or consider Contribution Splitting with your Significant Other

You may be able to split up to 85% of your concessional super contributions with your spouse.

This strategy can help even out your super balances. It's a smart move, especially if one of you is taking a career break,  working part-time, or earning considerably less.

By taking action on these tips, you can feel confident knowing that you’ve made the most of your super for the financial year and that it’s in tip-top shape for the year ahead!

It’s an investment your future self will thank you for!


 The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional.  We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.