Maximise Your Super & Lower Your Tax
With the end of financial year literally upon us, now is the last time to review your superannuation contributions, because this could be your final opportunity to reduce your taxable income for the year.
We love smart, practical strategies that help you build long-term wealth while making the most of short-term tax advantages. Superannuation contributions are one of the most powerful tools to do both.
Why It Matters Right Now
The ATO allows you to make up to $30,000 in concessional (pre-tax) contributions each financial year. This cap includes:
Employer super guarantee contributions
Salary sacrifice contributions
Personal contributions that you claim as a tax deduction
If you haven’t reached this cap yet, you can make a personal concessional contribution before 30 June and claim it as a deduction on your tax return, reducing your taxable income in the process.
IRL Example
Let’s say your taxable income is $100,000 and you contribute an additional $10,000 into your super before EOFY. That $10,000 is taxed at 15% inside your super, rather than your marginal tax rate (which could be 32% or more). That’s significant tax savings, and the money still belongs to you, growing for your future.
What You Need to Know
Deadline: Contributions must hit your super fund’s account by 30 June 2025, not just be transferred. Allow 7 business days for processing.
Notice of Intent: You’ll need to lodge a ‘Notice of Intent to Claim a Tax Deduction’ form with your super fund before lodging your tax return. This does not have to have before June 30 for contributions relating to this Financial Year.
Check your cap: Exceeding the cap could result in extra tax, so it’s important to know your current totals.
When Should You Book a Review?
If you:
Have extra income you’d prefer to invest tax-effectively
Are a sole trader or contractor with fluctuating income
Want to set up salary sacrificing for next year
Are unsure what your current super contributions are
Then now is the perfect time to book a chat with our team. We’ll help you understand exactly what you can contribute, how it will impact your tax, and ensure everything is in place before the June 30 deadline.