7 Strategies to Optimise Your Superannuation Before June 30
As the financial year nears its close, April presents a critical opportunity to review and enhance your superannuation strategy. Strategic actions taken now can significantly bolster your retirement savings, optimise tax outcomes, and align your financial plan with long-term objectives. Superannuation remains a cornerstone of wealth-building for Australians, and the following seven strategies will help you maximise its potential before the financial year concludes.
1. Review Your Superannuation Balance and Consolidate Accounts
Holding several small superannuation accounts can mean you might be paying unnecessary duplicate fees which will quick erode your super balance if you aren’t contributing to that fund. Conducting a quick review of your super balance ensures you are fully aware of your financial position and can address any overlooked accounts.
💡 You can access your super account through your super fund’s portal or the ATO’s myGov service to verify your balance and contributions. If you hold multiple accounts, consolidate them to eliminate redundant fees, or using the ATO’s super comparison tool to locate lost funds. We can help you to review your super funds and help you to consolidate into one account.
2. Maximise Concessional Contributions
Concessional contributions, including employer contributions and salary sacrifice, are taxed at a concessional rate of 15%, typically lower than standard income tax rates. The annual cap for 2025/26 is expected to be approximately $30,000. Fully utilising this cap can enhance your retirement savings while reducing your taxable income.
💡 For an individual earning $100,000, salary sacrificing $10,000 into super could yield tax savings of up to $3,900, alongside increased super growth. Assess your year-to-date contributions via payslips or your super fund. If capacity remains, consider whether you have available cash to contribute to super by mid-June to meet the June 30 deadline.
3. Leverage Non-Concessional Contributions
Non-concessional contributions, made from after-tax income, offer a tax-effective way to boost your super. The annual cap is approximately $120,000, with the bring-forward rule allowing up to $360,000 over three years for eligible individuals. These contributions are particularly valuable for those with surplus funds, such as from bonuses or asset sales.
💡Individuals under 75, including non-workers, can contribute, provided they adhere to contribution limits to avoid additional tax. Talk to us about your options to make a one off non-concessional contribution and schedule payments by early June to ensure timely processing.
4. Benefit from Government Co-Contributions
The government co-contribution scheme provides up to $500 for low-to-middle-income earners who make personal after-tax contributions. For 2025, eligibility is expected for those earning below approximately $60,000, with the maximum benefit available for a $1,000 contribution at lower income levels.
💡 An individual earning $45,000 who contributes $1,000 may receive a $500 government contribution, effectively doubling the impact of their investment. Verify your eligibility with us and make a personal contribution by mid-June to secure this benefit.
5. Utilise Spouse Contributions for Tax Benefits
Contributing to a spouse’s superannuation can yield a tax offset of up to $540 for the contributor, provided the spouse earns less than $40,000 annually. A $3,000 contribution, for instance, maximises this offset while enhancing your partner’s retirement savings.
💡 This strategy strengthens household financial security, particularly for couples with disparate incomes. Liaise with us to confirm this will suit you and then complete spouse contribution forms and process payments before June 30.
6. Evaluate Fund Performance and Fees
Superannuation fund performance and fee structures directly impact long-term returns. Excessive fees or underperforming funds can erode savings significantly—industry estimates suggest high fees could reduce retirement balances by $100,000 over a working lifetime.
💡 Review your fund’s latest statement for fee and performance data. If not optimal, initiate a switch to a more competitive fund, a process that is cost-free and accessible online.
7. Seek Professional Financial Advice
A tailored superannuation strategy, informed by professional advice, ensures alignment with your retirement objectives. Whether aiming for a comfortable retirement income (roughly $71,000 annually for couples) or a customised goal, your financial adviser can optimise contribution strategies, investment allocations, and tax planning.
👉 Get in touch with Anthony at Cambridge Private Wealth to review your superannuation and broader financial plan before the June 30 deadline.
👉 If you know someone planning their financial future, please refer them to us on anthony.walker@cambridgeprivate.com.au.
