As the end of the financial year draws near, Australians are being urged to review their superannuation strategies to ensure they’re making the most of the opportunities available. Whether you’re managing a Self-Managed Super Fund (SMSF) or contributing to a retail or industry fund, taking action now could significantly boost your retirement savings.

Timing is everything when it comes to super contributions. All payments must be received by your fund’s bank account by 30 June, but many clearing houses and super funds require them even earlier—often by mid to late June. To avoid any last-minute hiccups, it’s wise to finalise contributions by Monday 23 June.

This year, the concessional contributions cap has increased to $30,000, allowing more room to contribute and potentially reduce your taxable income. Individuals under 67 can contribute regardless of employment status, and those up to 75 may also be eligible if they meet the Work Test. For those with a total super balance under $500,000 as at 1 July 2024, there’s also the opportunity to use unused concessional caps from the past five years. This could allow for a substantial one-off contribution, especially for those who haven’t maximised their caps in previous years.

Non-concessional contributions have also seen an uplift, with the annual cap now at $120,000, or up to $360,000 under the bring-forward rule. Strategically timing contributions before and after 1 July can help maximise these limits. For those considering estate planning, recontribution strategies—where funds are withdrawn and then re-contributed—can help reduce the taxable component of your super, making it more tax-effective for beneficiaries.

If you’re over 55 and have recently sold your home, you may be eligible to make a downsizer contribution of up to $300,000 into your super, which doesn’t count towards your non-concessional cap. This is a one-off opportunity and can be a powerful way to boost your retirement savings.

Low-income earners should check their eligibility for government co-contributions, which can provide a helpful top-up to personal contributions. Similarly, making a contribution to your spouse’s super can not only help balance retirement savings between partners but may also entitle you to a tax offset, depending on your spouse’s income.

Before starting a pension or taking a lump sum, it’s essential to lodge a valid notice of intent to claim a tax deduction on any personal contributions. This ensures you don’t miss out on valuable tax benefits.

For those already in pension phase, it’s important to ensure the minimum pension withdrawal requirements have been met based on your age. Reviewing your pension documentation is also crucial—particularly to confirm whether you’ve nominated a reversionary beneficiary, which can provide your spouse with more flexibility in managing your super after your death.

Capital gains tax is another area worth reviewing. If you’ve realised gains during the year, consider offsetting them with any available losses. For those in pension phase, it may be beneficial to realise gains now to avoid potential tax changes in the future.

Finally, estate planning should not be overlooked. Reviewing your Binding Death Benefit Nominations and ensuring your Enduring Powers of Attorney are up to date will help ensure your wishes are carried out and your affairs are managed smoothly in the event of illness or incapacity.

With legislative changes such as the Division 296 tax on the horizon, EOFY 2025 presents a timely opportunity to get your super in order. As always, it’s best to consult with a qualified financial adviser or accountant to tailor these strategies to your personal circumstances.

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