End of financial year superannuation checklist

As the end of the financial year approaches, it's important to review your superannuation strategies and ensure you are maximising the benefits. Here’s a quick checklist to help you navigate this crucial period:

1. Concessional contributions

• Concessional contributions cap: Ensure your concessional (before-tax) contributions, including employer contributions and salary sacrifice, do not exceed the annual cap of $30,000
• Catch-up contributions: If you have unused concessional cap amounts from previous years and your total super balance is less than $500,000, it might be suitable to consider making catch-up contributions

2. Non-concessional contributions

• Non-concessional contributions cap: Check that your non-concessional (after-tax) contributions do not exceed the annual cap of $120,000
• Bring-forward rule: If you are under 75, you may be able to bring forward up to three years’ worth of non-concessional contributions, allowing you to contribute up to $360,000 in a single year
• Total super balance:To be eligible to make non-concessional contributions, your total super balance must be below $1.9 million on 30 June 2024. Contribution amounts will vary once you have a total super balance of over $1.66 million. These limits will increase from 1^st July 2025

3. Government co-contributions

• Eligibility: If you are a low to middle-income earner and make an after-tax contribution of up to $1,000, you may be eligible for a government co-contribution of up to $500

4. Spouse contributions

• Tax offset: If your spouse earns less than $40,000, you can make contributions to their super and receive a tax offset of up to $540

5. Salary sacrifice arrangements

• Tax benefits: Consider setting up or reviewing your salary sacrifice arrangements to take advantage of the lower tax rate on super contributions (15% or 30% if your income exceeds $250,000)

6. Superannuation pension payments

• Minimum pension payments: Ensure you have met the minimum pension payment requirements if you are drawing a pension from your super

Other important things to consider:

Review your investment strategy

• Asset allocation: Review your super fund’s investment strategy and ensure it aligns with your risk tolerance and retirement goals

Estate planning

• Beneficiary nominations: Review and update your beneficiary nominations to ensure your superannuation benefits are distributed according to your wishes

Superannuation guarantee (SG) payments

• SG Rate: Note that the superannuation guarantee rate is increasing to 12% from 1 July 2025

Downsizer contributions

• Eligibility: If you are aged 55 or older, consider making downsizer contributions of up to $300,000 each from the sale proceeds of your home

By following this checklist, you can make the most of your superannuation and ensure you are well-prepared for the end of the financial year.