With the end of financial year fast approaching, this weekend is the time to see if you can save tax by topping up your super. Follow the steps below to see if you can benefit from this tax saving strategy and drop me a line if you need assistance.

Who can do this

• Anyone under 74 with taxable income in FY 2026
• Your taxable income, after the proposed super deduction, should be at least $25k to get the maximum tax benefit
• If you are under 18, or between 67 and 74, you must meet the work test
• You must have not already reached the concessional contribution cap 

In addition, for those with lower balances

• If your super balance on 30 June 2025 was less than $500k you can carry forward past unused caps and use them to contribute more than $30k this year, reducing taxable income further
• Note due to the five year rule, unused caps from 2020-21 will expire if not used this year

How to work out how much you can contribute

1. Log onto your superfund accounts and add up the employer, salary sacrifice, and any personal contributions that you intend to claim as a tax deduction, made so far this financial year.
2. If you have an SMSF, add up the contributions from the bank statements
3. Add to this total expected further contributions (eg employer) that you may receive before 30 June
4. Deduct the combined total from $30k. This is the balance of this years cap that you can contribute as a personal deductible contribution and claim as a tax deduction
5. If your superfund balance is less than $500k at the beginning of the year you might be able to contribute even more
   • Log onto mygov and select ATO services
   • Under the super heading, got to Information & Details – carry-forward concessional contributions
   • You will see a summary of the unused amounts each year
   • Take the figure from step 3 and add it to the total carried-forward unused amount from myGov
   • This is the total possible contribution you could make – you can contribute anything up to this number if cashflow allows. Remember however that your taxable income post deduction needs to be at least $25k to get the best tax benefit.
   • Note the unused balance from 2020-21 will be lost if not used this year

How to make the contribution

1. For those with an SMSF simply transfer cash (from any personal bank account) into the SMSF prior to 30 June
2. For those with a retail or industry fund use the BPAY details for personal contributions
3. Prior to lodging your personal 2026 tax return, or starting a new pension, or rolling your super balance anywhere, complete the “intention to claim a deduction” form and give it to your superfund
4. Let us know that you have made the contribution when you send through your tax documents for 2026

The cash must hit your superfund account before 30 June. Therefore transfers are best made this week.

Any questions please give me a call
 Lindsay 0413 952180