With 30 June 2026 fast approaching, now is an ideal time to review your superannuation position and consider strategies that may help reduce your tax liability while boosting your retirement savings.
Below are some key superannuation strategies worth considering before the year end:
1. Tax Deductions for Personal Contributions
You may be able to make personal contributions into your super fund and claim a tax deduction for these contributions, subject to your available concessional contribution cap.
Concessional contributions cap
The concessional contributions cap for the 2026 financial year is $30,000.
If your total super balance was less than $500,000 at 30 June 2025, you may also be eligible to utilise any unused concessional contribution cap amounts carried forward from the previous five financial years. We can help you work your eligibility and how much additional cap you have.
Please note that employer superannuation contributions (including super guarantee and salary sacrifice contributions) also count towards your concessional contribution cap.
Deadline to make a personal contribution
Your fund must receive and process the contribution before 30 June 2026 for you to be able to claim a tax deduction in the 2026 financial year. We recommend making the contribution at least one week prior to 30 June to ensure the fund processes the contribution in time. We therefore suggest making the contribution by 19 June 2026, or earlier where possible.
Claiming the tax deduction
To claim the deduction for personal super contributions in your 2026 tax return, you must submit a Notice of Intent to claim a deduction for personal super contributions form to your super fund. Again, this is something we can assist you with when we prepare your tax return.
2. Make Spouse Contributions
This can be a valuable strategy to boost retirement savings for a spouse who may have a lower income or is not currently working.
The contributing spouse may be eligible for a tax offset of up to $540 for contributions made to their spouse’s super account. This tax offset is known as the spouse contribution tax offset.
How does it work?
To get the full offset of $540, the contributing spouse will need to contribute $3,000 or more into the receiving spouses super account, and the receiving spouse must earn $37,000 or less.
A lower offset may be available if the contribution is less than $3,000 or the receiving spouse’s income is between $37,000 and $40,000.
No offset is available if the receiving spouse earns more than $40,000.
3. Access the super co-contribution
If you are a low or middle-income earner, you may be able to access the super co-contribution of $500 paid by the government.
To be eligible for the full co-contribution of $500, you will need to meet the following criteria:
- Make personal (after-tax) contributions of $1,000 to your super fund during the financial year.
- Your total income is less than $47,488 for the 2026 financial year. Note that a reduced co-contribution may still be available where total income is between $47,488 and $62,488.
- Meet the 10% eligible income test, which means you must receive at least 10% of your total income from eligible employment, running a business, or a combination of both.
- You must be under 71 years old at 30 June 2026.
The co-contribution will be calculated by the ATO on lodgement of your tax return, so you do not need to apply for this separately.
The co-contribution, together with spouse contributions, can be an effective way to boost retirement savings for lower income earners.
4. Consider making non-concessional contributions
Making after-tax contributions to superannuation can also provide tax benefits, as investment earnings within the super fund are taxed at a maximum rate of 15%, which may be lower than your marginal tax rate.
However, there are annual caps on non-concessional contributions, so be aware of these limits:
Non-concessional contribution caps
If your total super balance was less than $2m at the start of the financial year, the general non-concessional contributions cap for the 2026 financial year is $120,000.
Depending on your age and total super balance, you may also be eligible to bring forward up to two additional years of non-concessional contribution caps, potentially allowing contributions of up to $360,000 in a single financial year.
We can help you determine your personal non-concessional contributions cap available for the 2026 financial year.
Please note that contribution eligibility and available caps can vary depending on your personal circumstances, including your total super balance, existing contribution arrangements, and prior year contributions.
We recommend contacting us on +61 7 3666 0091 for personalised advice before making significant superannuation contributions.
Useful Resources:
EOFY Small Business Tax Planning Tips
Understanding the Tax on Super
Contact Us
Give Us a Call on +61 7 3666 0091
Email us at email@mobilityas.com.au
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