The lead up to 30 June can be a good time to maximise tax benefits that may be available to you inside super. With June 30 fast approaching, it’s time to start thinking about your super for another year. MLC have put together five smart strategies that may benefit you now and help boost your super savings.

* Includes assessable income, reportable fringe benefits and reportable employer super contributions. Other eligibility conditions apply.

To use any of these strategies you’ll need to meet certain conditions. A financial adviser can assess your eligibility and help you decide which strategies are appropriate for you.

While strategies can be an effective way to grow your super, always remember the Government imposes strict annual limits on the amount you can contribute to your super each year. So, before making any additional contributions, ensure you know how much you’ve already added to your super account(s) during the financial year. And don’t forget, any additional contributions must be in your account before 30 June or they’ll be counted against the next financial year’s annual limits. From 1 July 2024, the federal government will increase superannuation contribution caps.

Current and Changes to Concessional and Non-Concessional Contribution Caps at a snapshot:

Concessional contribution cap

If you exceed the cap, you may be eligible to use the ‘bring forward rule’, which allows you to use caps from future years and possibly avoid paying extra tax. It means you can make contributions of up to two or three times the annual cap amount in the first year of the bring forward period.

If your total super balance is equal to or more than the general transfer balance cap ($1.9 million from 2023–24 and 2024-25) at the end of the previous financial year, your non-concessional contributions cap is zero for the current financial year.

We’d be happy to help with advice about how the changes in contribution caps might affect you and whether you are eligible for the bring forward rule.

There are also other ways that you can boost your super, wealth, retirement plans and protect your assets and family; some of which may need swift action before the end of the financial year. To find out how you might make the most of these strategies, please contact our office to make an appointment as our end-of-financial-year appointment spaces are quickly becoming booked up.

Just a reminder that each superannuation fund will have a certain cut off before 30 June for contributions to be made (i.e. contribution must be received by 23 June to ensure it is counted for this financial year) so be sure to be wary of this when looking to make contributions for this financial year.

Centaur Financial Services Pty Ltd is a Corporate Authorised Representative (CAR) of Australian Advice Network Pty Ltd. ABN 13 602 917 297, Australian Financial Service Licence holder number 472901. The advisers of Centaur Financial Services Pty Ltd provide financial services advice on behalf of the CAR as Sub Authorised Representatives of Australian Advice Network Pty Ltd. General Advice Warning: This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information. Investment Performance: Past performance is not a reliable guide to future returns as future returns may differ from and be more or less volatile than past returns.

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