EOFY Is Days Away - Have You Reviewed Your Superannuation Contributions for the Year

Make the most of super before 30 June with smart contribution strategies that can reduce tax, grow retirement savings, and protect your family in a tax-effective way.

Concessional Contributions

Personal contributions where you lodge a Notice of Intent to claim a tax deduction can reduce your taxable income and may even shift your marginal rate. It is also worth checking whether your employer and personal concessional contributions are on track to make the most of the 2025/26 concessional contributions cap of $30,000.

Non-concessional Contributions

After-tax money into super that grows in a low-tax environment. If eligible, you may be able to contribute up to $120,000 this financial year or bring forward up to three years of contributions for a total of $360,000.

Spouse Contributions

If your spouse earns a low income or is not working, making an eligible after-tax contribution to their super may help build their retirement savings and may entitle you to a tax offset of up to $540, subject to eligibility criteria.

Children’s Super

Money to your kids so they can build their balance early and positioning them for the First Home Super Saver Scheme when the time comes.

Life Insurance Inside Super

Contributions can effectively fund premiums in a tax-effective structure, protecting your family at a lower after-tax cost and maintain fund balances.

These aren’t set-and-forget decisions – small actions before 30 June can have meaningful, lasting impact.

*This article contains purely factual information and/or general advice and does not constitute personal financial product advice. The content of this article does not take into account your personal objectives, financial situation or needs and you must determine whether it is appropriate to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

About the Author:

Ben Devenish – Managing Director – Vantage Wealth Management

Ben, commenced work in the financial services industry in 1993 and has held Executive Director, Private Client Adviser, and Responsible Manager (RM) positions since that time. Key responsibilities as Managing Director at Vantage are to manage operational functions to achieve group strategic objectives, stakeholders are engaged to ensure aligned objectives are achieved, and most critically a team-oriented culture is fostered.

He has also been a Private Client Adviser, Responsible Manager, Head of advice WA and held national advice board positions at Shadforth Financial Group over the period from 2005 till 2017. His qualifications include Australian Institute of Company Directors (AICD), Certified Financial Planner ™, London Business School 2018 (Exec MBA unit, Developing Strategy for Value Creation), Bachelor of Economics (BEcons UWA), Graduate Diploma in Applied Finance and Investment (FINSIA), Diploma in Financial Planning (DFP), Self-Managed Superannuation Fund (SMSF) Specialist Adviser and Registered Tax (Financial Adviser) status under the Tax Agent Services Act 2009.