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June 30 Reminders

As we approach the end of the financial year, now is the perfect time to check in on your super contributions and make sure everything is on track.

Whether you’re making concessional or non-concessional contributions, it’s important to action these well before by June 30 (which is a Monday this year) to ensure they’re received and processed in time.

Here’s a quick refresher:

  • Concessional contributions are made from your pre-tax income—like employer contributions or salary sacrifice. These are taxed at a concessional rate, making them a tax-effective way to grow your super.
  • Non-concessional contributions are made from your after-tax income. While they don’t reduce your taxable income, they can still help you build your retirement savings without additional tax.

Your super contributions can also be a valuable part of your tax planning strategy. By maximising your concessional contributions, you may be able to reduce your taxable income and lower your tax bill—while also boosting your future retirement balance.

👉 Important reminder: The concessional contributions cap for this financial year is $30,000. Going over this limit could result in additional tax, so it’s worth double-checking where you’re at.

You may also be eligible for a government co-contribution if you make non-concessional contributions and your income is below a certain threshold. This is a great way to grow your super with a little extra help from the government.

And don’t forget about spouse contributions. If your spouse has a low income or isn’t working, you can contribute to their super and potentially receive a tax offset—while helping them build their retirement savings too.

If you have a Self-Managed Super Fund (SMSF), it’s also essential to ensure you’ve taken your minimum required pension before June 30 if you are in pension phase. This ensures you maintain the tax-free status of the pension accounts you’re drawing from.

If you’re not sure where to start or want to make sure you’re making the most of your options, feel free to reach out. I’m here to help.

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