EOFY Superannuation Checklist: Key Actions Before 30 June
With the end of the financial year fast approaching, now is the time to review your superannuation arrangements and make sure you are taking advantage of the opportunities available before 30 June.
Getting your super strategy right can help you manage tax, maximise contributions, and ensure your fund remains compliant. Getting it wrong may result in missed opportunities, penalties, or unnecessary tax.
Some of the key areas to review include:
Contribution timing
Super contributions must be received by your fund before 30 June to count for this financial year. Some funds and clearing houses require earlier processing dates, so it is important to act early.
Concessional contributions
Review your employer contributions, salary sacrifice amounts, insurance premiums paid through super, and any personal deductible contributions to ensure you remain within your concessional contribution cap.
Carry-forward concessional contributions
You may be eligible to use unused concessional contribution cap amounts from previous financial years if your total super balance is under the relevant threshold. This can be particularly useful where you have realised a large capital gain or have additional taxable income.
Non-concessional contributions
If you are considering after-tax contributions, review your eligibility and contribution caps before 30 June. Couples may also wish to consider strategies to even up super balances or maximise amounts held in pension phase.
Spouse contributions and contribution splitting
There may be opportunities to boost a spouse’s super balance, access a tax offset, or improve longer-term retirement planning outcomes.
Pension payments
If you are drawing a pension from super, make sure the minimum pension payment has been met before 30 June. Transition to retirement income streams should also be checked to ensure maximum limits have not been exceeded.
SMSF compliance
For SMSF trustees, year-end is a good time to review investment strategies, asset valuations, ownership records, estate planning documents, loan arrangements, SuperStream obligations and insurance arrangements.
Estate planning and reversionary pensions
Review your pension documents, Binding Death Benefit Nominations and Enduring Powers of Attorney to ensure they remain valid and reflect your wishes.
These strategies can be valuable, but they are not suitable for everyone. Your personal super balance, contribution history, tax position, age, work status and retirement plans all need to be considered before taking action.
We recommend reviewing your position well before 30 June and seeking advice before making any significant superannuation decisions.
Read the full EOFY Superannuation article here.
This information is general in nature and does not take into account your personal objectives, financial situation or needs. Before acting, you should consider whether the information is appropriate for your circumstances and seek professional advice.