Smart Superannuation strategies before June 30
- Mitchell Mackenzie
- Mar 31
- 3 min read
Updated: Apr 3
Aspire2Wealth's Mitchell Mackenzie explains how individuals and couples can maximise contributions, leverage tax offsets, and take advantage of government co-contributions to boost retirement savings.
As the end of the financial year (EOFY) approaches, now is the ideal time to review your superannuation (super) strategy. Whether you're looking to boost your retirement savings, lower your taxable income, or maximise government incentives, acting before June 30 can offer meaningful financial benefits.
At Aspire2Wealth, our financial advisers have highlighted three key areas to focus on this EOFY:
Optimising your super contributions
Leveraging spousal contributions and tax offsets
Making the most of government co-contributions
Optimising superannuation contributions
There are two main types of super contributions to consider before the end of the financial year: concessional and non-concessional.
Concessional contributions
These are made from pre-tax income and include employer contributions, salary sacrifice, and personal deductible contributions.
If you haven’t maximised your concessional contributions this year, making additional contributions before June 30 could help reduce your taxable income while boosting your retirement savings. You may also be able to use unused contribution limits from previous years, depending on your circumstances.
Learn more about concessional contributions and eligibility on the ATO website.
Non-concessional contributions
These are made from after-tax income and are not taxed when entering your super fund. While they don't offer immediate tax benefits, they can be a powerful way to grow your super over time, particularly if you're planning for retirement or have received a lump sum.
Spousal contributions and tax offsets
If your partner is earning little or no income, making a contribution to their super could benefit both of you.
In addition to helping balance your retirement savings as a couple, you may be eligible for a tax offset when you contribute to your spouse’s fund. This strategy is especially valuable when one partner has taken a career break or is working part-time.
More details are available on the ATO’s spouse contribution page.
Government co-contributions
If you’re a lower or middle-income earner and you make a personal after-tax contribution to your super, the government may contribute as well, effectively boosting your savings at no extra cost..
This initiative is designed to support Australians who are building their super while on modest incomes, including part-time workers, carers, or those early in their careers.
Eligibility depends on your income, the type of contribution you make, and other criteria. The easiest way to check is by using the ATO’s co-contribution calculator.
Final thoughts: Take action before June 30
End of Financial Year is a valuable window to review your superannuation strategy and take steps that can boost your future retirement savings while offering immediate tax advantages.
Whether you're looking to maximise your concessional contributions, support your spouse’s retirement savings, or access a government co-contribution, the sooner you act, the better prepared you'll be.
Need help deciding which strategies are right for you?
Book a consultation with Aspire2Wealth today and let our Perth-based financial planners with Aspire2Wealth today and let our Perth-based financial planners guide you through the best EOFY opportunities tailored to your goals.
References
Aspire2 Wealth Advisers Pty Ltd ABN 42 125 897 903 is an authorised representative and credit representative of Charter Financial Planning Limited ABN 35 002 976 294, AFSL and Australian Credit Licence No. 234665.
This website contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
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