While most financial goals include saving money and paying down debt, the months leading up to 30 June offer an opportunity to review your super balance and find ways to boost your retirement savings.
What you need to consider first
If you have more than one super account, consolidating them into one account may be an option. Consolidating your super could save you from paying multiple fees; however, if you have insurance inside your super, you may be at risk of losing it, so contact us before making any changes.
How to boost your retirement savings
Making additional contributions on top of the super guarantee paid by your employer could make a big difference to your retirement balance thanks to the magic of compounding interest.
There are a few ways to boost your super before 30 June:
Concessional contributions (before tax)
You can make these contributions from either your pre-tax salary via a salary-sacrifice arrangement through your employer or by using after-tax money and depositing funds directly into your super account. In addition to increasing your super balance, you may pay less tax (depending on your current marginal rate). Check your current year-to-date contributions so any additional contributions you make don’t exceed the concessional (before-tax) contributions cap, which is $32,500 from 1 July 2026.
Non-concessional contributions (after tax)
This type of contribution is also known as a personal contribution. Do not exceed the contribution cap of $130,000 for 2026-27. If you exceed the concessional contributions cap (before tax), any additional contributions made are taxed at your marginal tax rate less a 15 per cent tax offset to account for the contributions tax already paid by your super fund. Exceeding the non-concessional contributions cap will incur a 47 per cent tax on the excess contributions.
Carry forward (catch-up) concessional contributions
If you’ve had a break from work or haven’t reached the maximum contributions cap for the past five years, this type of super contribution could help boost your balance – especially if you’ve received a lump sum of money like a work bonus. These contributions are unused concessional contributions from the previous five financial years and are only available to those whose super balance is less than $500,000.
There are strict rules around this type of contribution, and they are complex, so it’s important to get advice before making a catch-up contribution.
Downsizer contributions
If you are over 55, have owned your home for 10 years, and are looking to sell, you may be able to make a non-concessional super contribution of up to $300,000 per person, or $600,000 if you are a couple. You must make the contribution to your super within 90 days of receiving the proceeds of the sale of your home.
Spouse contributions
There are two ways you can make spouse super contributions; you could:
- split contributions you have already made to your own super, by rolling them over to your spouse’s super – known as a contributions-splitting super benefit, or
- contribute directly to your spouse’s super, treated as their non-concessional contribution, which may entitle you to a tax offset of $540 per year if they earn less than $40,000 per annum
Again, there are a few restrictions and eligibility requirements for this type of contribution.
Get in touch for more information about your options and for help with a super strategy that could help you achieve a rewarding retirement.
