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Super Strategies for 30 June

How to make the most of your superannuation before EOFY.

Superannuation remains one of the most attractive investment vehicles available, and certainly the most attractive for saving and investing for retirement. With a maximum 15% tax on earnings in accumulation phase, tax-free withdrawals over age 60 and tax free earnings in pension phase, ensuring you make the most of the super environment makes a lot of sense. There are annual limits on how much you can contribute to superannuation, so what are the key strategies available to you before 30 June this year?

1. Claim a tax deduction on contributions up to $27,500

You have an annual pre-tax (concessional) contribution cap of $27,500, for which deductions can be claimed. This amount includes your employer contributions (superannuation guarantee and salary sacrifice), as well as any amount you contribute personally and claim a deduction for. You’ll need to be under 67 to be able to contribute and claim a deduction without meeting a work test; if you’re between 67 and 75, you’ll need to meet a work test in order to claim an amount off your tax.

This limit will increase to $30,000pa from 1 July, so you may wish to consider increasing any salary sacrifice or pre-tax contributions you make in the new financial year.

2. Catch up missed deductible contributions

If you, like most people, haven’t used your full $27,500 concessional limit in previous years, you can ‘carry forward’ unused amounts and claim a deduction for them this year. Your super balance must have been under $500,000 at 30 June 2023 in order for you to use this strategy in the current financial year, and you can only carry forward available amounts from 2019-20. The cap was $25,000 until 1 July 2021, so check what carry forward amounts are available to you before using this strategy.

3. Consider making after tax contributions

If you have used your concessional contributions cap and still wish to boost your super balance, you may wish to consider using non-concessional (after tax) contributions. These are limited to $110,000 per annum, and form part of the tax-free component of your super; from 1 July 2024, this amount is indexed to $120,000 a year. You can contribute up to three years’ worth of non-concessional contributions in one year using the ‘bring forward’ arrangements, bringing your contribution to $330,000 this year; if you are nearing retirement and wish to maximise your total contribution, you could consider making a $110,000 contribution before 30 June and a further $360,000 from 1 July (ie 3 x $120,000pa). You can only make non-concessional contributions if your total super balance is under the total superannuation balance (TSB) cap. This was $1.9m from 1 July 2023. Your ability to utilise the bring forward arrangements is also affected by this cap, so be sure not to contribute more than is permissible.

You can also consider spouse contributions (where your contribution of up to $3,000 to your spouse’s account could give you a tax rebate of up to $540 if your spouse’s income is less than $40,000 this year), or take advantage of co-contribution if you’re a low income earner.

There are lots of strategies to take advantage of, that allow you to boost your super and reduce your overall tax liability at the same time. Given the complexity of the rules, make sure you check out the ATO website or speak to a tax professional to ensure you get it right.


This information has been provided WealthHub Securities Ltd ABN 83 089 718 249 AFSL No. 230704 (WealthHub Securities), a Market Participant under the ASIC Market Integrity Rules and a wholly owned subsidiary of National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 (NAB). Whilst all reasonable care has been taken by National Australia Bank Limited (ABN 12 004 044 937 AFSL 230686) (NAB) in preparing this material. NAB does not warrant or represent that the information, recommendations, opinions or conclusions contained in the material (“Information”) are accurate, reliable, complete or current. The Information has been prepared for information purposes only. Any statement as to past performance do not represent future performance. The Information is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any advice contained in the Information has been prepared by WealthHub Securities without taking into account your objectives, financial situation or needs. Before acting on any such advice, NAB recommends that you consider whether it is appropriate for your circumstances.

About the Author
Gemma Dale , nabtrade

Gemma Dale is Director of SMSF and Investor Behaviour at nabtrade. She is the host of the Your Wealth podcast, a fortnightly podcast for investors, featuring insights and updates from markets and finance experts across a range of topics. She provides regular market and finance commentary on ausbiz and in other media including AFR, the Australian, ABC and commercial tv and radio. Gemma was previously the Head of SMSF Solutions for nab, and the Head of Technical Services for MLC, where she led a team of specialists providing advice to advisers and their clients on SMSF, super, tax, social security and aged care.