Page 2 - Wealth-Adviser-Issue-113 (FWP)

ISSUE 113
JUNE 2025

of Financial Year 2025 Checklist” highlights that “making reduce your taxable income.” These contributions are taxed
the most of EOFY can help boost your retirement savings at a concessional rate of 15% within the fund, which is often
and reduce your taxable income.” These insights underscore lower than your marginal tax rate.
the dual benefits of end-of-year planning: optimising your Non-Concessional Contributions are made from after-tax
financial position now and laying the groundwork for long- income and are not taxed within the fund. The annual cap
term security. is $110,000, or up to $330,000 under the bring-forward rule
But the value of this process extends beyond the num- if you are under age 75. These contributions are ideal for
bers. Planning for the future is an act of wisdom and fore- those who have maximised their concessional contributions
sight. By taking the time to review your superannuation and or wish to transfer wealth into superannuation for estate
broader financial strategies, you are investing in your own planning.
wellbeing—creating a sense of control and confidence that Spouse Contributions allow you to contribute to your
can weather life’s uncertainties. partner’s super account and may entitle you to a tax offset
of up to $540, provided certain conditions are met. This is
Maximising Superannuation Contributions: a smart way to support your partner’s retirement while also
Strategies and Limits reducing your own taxable income.
One of the most powerful tools available at the end of the The IOOF checklist emphasises the flexibility available:
financial year is the ability to make additional contributions “Salary sacrifice, personal contributions, and catch-up
to your superannuation fund. These contributions can take contributions can all be used to boost your super.” The
several forms, each with its own set of rules and benefits. Australian Taxation Office (ATO) provides detailed guide-
Concessional Contributions are made from pre-tax income lines on contribution limits and eligibility, ensuring that
and include employer contributions, salary sacrifice, and per- individuals can make informed decisions about their
sonal contributions for which you claim a tax deduction. The superannuation strategies (ATO, 2023).
annual cap for concessional contributions is currently $27,500, Catch-up Contributions are particularly valuable for
but you may be able to carry forward unused amounts from those who have not maximised their concessional con-
previous years if your total super balance is less than $500,000. tributions in previous years. If your total super balance is
As Morningstar advises, “review your contribution strategies… under $500,000, you can carry forward unused concessional
consider making additional concessional contributions to cap amounts from up to five previous years. This can be a

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