As the end of the financial year approaches, it’s the perfect time to take a closer look at your superannuation and explore ways to grow your retirement savings. With the right strategies, you can make the most of tax benefits, reduce unnecessary fees, and set yourself up for a more comfortable future.
🔍 Audit Your Super Accounts
If you’ve had multiple jobs over the years, chances are you may have more than one super account . Each of these accounts could be charging separate fees and insurance premiums. By consolidating your super , you can:
Reduce ongoing administration and management fees
Simplify your financial life
Avoid duplicated insurance cover
đź’ˇ Tip: Before consolidating, check if any of your current funds include valuable insurance (like life or TPD cover) that you might lose.
đź’° Make Extra Contributions Before June 30
Boosting your super balance doesn’t just benefit you in retirement—it can also provide tax advantages now.
Types of Super Contributions:
Concessional contributions (before-tax): These include salary sacrifice or personal contributions claimed as a tax deduction.
Non-concessional contributions (after-tax): Made from your take-home pay, with no tax deduction claimed.
⚠️ Stay within the contribution caps :
Concessional cap: $30,000 per year (2024–25)
Non-concessional cap: $110,000 per year (varies by age)
By contributing before June 30 , you can take advantage of compounding interest and potentially reduce your taxable income.
🏡 Downsizer Contributions for Over-55s
If you’re aged 55 or older and planning to sell your home, consider making a downsizer contribution into your super. You can contribute up to $330,000 (per person) from the proceeds of your home sale, even if you don’t meet the usual work test.
This strategy allows you to:
Reduce your assessable assets for Centrelink purposes
Potentially increase your super balance
Take advantage of more favourable tax treatment in retirement
🧠Speak to a Professional
Everyone’s financial situation is different. That’s why it’s important to speak with a qualified financial planner who can help tailor a super strategy that works for you.
👉
Contact Gardian Financial Planning in Mackay today for a
complimentary first appointment and start building a stronger financial future.
🔚 Don’t Miss Out on EOFY Opportunities
Time is running out—review your super today and take action before June 30 . Whether it’s consolidating accounts, making extra contributions, or exploring downsizing opportunities, a few simple steps now can lead to significant long-term gains.
đź“ž Book your free consultation with
Gardian Financial Planning and get your super EOFY-ready!
