As the end of the financial year approaches, it’s important to engage in some superannuation ‘housekeeping’ to check your financial future remains on track. Taking the time to review and optimise your super arrangements can yield significant benefits in the long run, but what should you look out for?

Review your contributions: While you may not look at your contributions every month, you may want to take stock of your super contributions for the year. Are you on track to maximise your concessional contributions? These include employer contributions, salary sacrifice, and personal deductible contributions. Maximising your concessional contributions may help you reduce your taxable income while boosting your retirement savings.

Utilise unused contribution caps: Remember that unused concessional contribution caps may be carried forward for up to five years if your total super balance is less than $500,000 at 30 June of the previous financial year. If you haven’t maximised your contributions in previous years, consider taking advantage of this opportunity to boost your super balance. The cap changes to $30,000 next financial year, and when you make a contribution, you should ensure your fund receives the money before 30 June to allow a few days for the funds to clear. You should always check the MyGov portal to confirm completeness and accuracy of your contribution cap limits.

The non-concessional contribution cap also increases to $120,000.

Check your investment strategy: Review your investment strategy to ensure it aligns with your financial goals and risk tolerance. If you’re interested in how your investments performed, click here to see the latest returns:

Review your insurance coverage: Depending on your account type and previous choices, as well as government legislation, you may have insurance cover such as death insurance (also called life insurance), total and permanent disability insurance, and income protection (IP) insurance through your super account. Review your cover and check it still meets your needs.

Stay informed about changes: Keep yourself updated on any changes to super legislation and regulations that may affect your retirement planning strategy. Staying in the know will help you make informed decisions and avoid any unexpected tax or compliance issues – and you can do that by attending one of our educational seminars –

Finally, if you’re unsure about any aspect of your superannuation or retirement planning, don’t hesitate to seek advice from a qualified financial adviser. They can provide personalised guidance based on your individual circumstances and help you make the most of your superannuation benefits. Fees may apply.

We’re here to help  

Following these superannuation housekeeping tips, could help keep your finances in order as the end of the financial year approaches – but the rules surrounding eligibility and contribution caps are complicated and changing, so if you’d like to have a chat with us, call us on 1300 300 820 Monday to Friday 8:30am to 5pm.

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