With the end of the financial year fast approaching, now’s the time to be smart about your super contributions. At Freedom Financial Solutions FFS, we don’t just help you meet your SMSF obligations—we help you make the most of every opportunity.
Here’s a practical rundown of key contribution strategies to consider before 30 June, and how you can use them to maximise your retirement savings, reduce tax, and future-proof your SMSF.
1. Know Your Contribution Caps for 2024–25
For this financial year:
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Concessional (before-tax) contributions cap: $30,000
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Non-concessional (after-tax) contributions cap: $120,000
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Bring-forward rule (if eligible): Up to $330,000 over 3 years
The concessional cap includes employer contributions (including SG) and salary sacrifice amounts. Any excess is taxed at your marginal rate, so timing and accuracy are key.
2. Take Advantage of Carry-Forward Concessional Contributions
Haven’t used up your full concessional caps over the past five years? If your total super balance is under $500,000 at 30 June of the previous year, you may be able to “catch up” unused amounts from earlier years. This can be an effective strategy if you’ve had variable income or capital gains this year that you want to offset.
3. Consider Personal Deductible Contributions
If you’re self-employed or earning additional income, making a personal contribution and claiming a tax deduction can be a great way to boost your super and reduce your tax bill. Just make sure your total concessional contributions stay under the cap.
4. Explore the Bring-Forward Rule
If you’re under 75 and have a total super balance under $1.9 million, you may be eligible to make non-concessional contributions of up to $330,000 in one year by triggering the bring-forward rule. This can be an effective strategy for estate planning, helping children with housing, or investing in long-term assets within your SMSF.
5. Spouse Contributions and Contribution Splitting
Looking to even out super balances between partners or reduce tax? Spouse contributions and contribution splitting can offer both tax offsets and long-term retirement balance advantages. They’re especially useful when one partner is not working or earning a lower income.
6. Timing Is Everything
To ensure contributions are counted in the current financial year, make sure funds are cleared into your SMSF bank account by 30 June. A contribution made on 30 June that doesn’t clear until 1 July may miss this year’s caps—and that could cost you.
Need Help with Your Contribution Strategy?
Navigating SMSF contribution strategies can be complex—but you don’t have to do it alone. At Freedom Financial Solutions FFS, we tailor every recommendation to your unique goals, life stage, and fund structure. Whether you’re just starting out or optimising your retirement nest egg, we’re here to help.
Book a contribution strategy session with one of our SMSF specialists today (select SMSF tax consult).
Don’t miss this!
- 7 PM AEST
- Wednesday 7th May 2025
- Online Event – Hosted by Freedom Financial Services
- Featuring: Grant Abbott – Australia’s Leading SMSF Legal Strategist
- Click here to Register