1. Have you… reviewed your total super balance?

Your total super balance on 30 June 2024 can impact your eligibility for a range of concessions such as contribution caps, spouse contributions and government contributions made on your behalf.

This balance includes all funds held in superannuation and pension accounts.

Why It Matters:

• Don’t miss out: You could be eligible for concessions which you don’t want to miss out on as they could be time limited and time out at the end of the financial year on June 30, 2024.

• Strategic Planning: Understanding your total balance allows for better planning, ensuring you can take full advantage of available concessions in the coming financial year.

Action Step: Find out your total balance held in superannuation and pension accounts. If you need help schedule a review with Brightday financial adviser as soon as possible, preferably early June. They can help you understand your super balance and identify opportunities to optimise it. This proactive step ensures that you are well-positioned to take full advantage of available concessions and benefits​.

2. Have you… considered making a concessional contribution?

Concessional contributions are tax-deductible contributions made to your super fund from pre-tax income which means lower tax rates often apply. These contributions can help reduce your taxable income while boosting your retirement savings.

Why It Matters:

• Tax Savings: Concessional contributions are often taxed at a lower rate than your regular marginal tax rate. This can result in significant tax savings.

• Boost Retirement Savings: By making additional contributions, you can enhance your super balance, ensuring a more secure retirement.

Action Steps:

1. Everyone eligible to contribute to super can claim a tax deduction so work out if you have the capacity to make additional contributions to super do so before June 30 and claim a tax deduction.

2. For many, the concessional cap is $27,500 pa however you may be able to utilise any unused cap since 1 July 2018 if your total super balance is less than $500,000, so check these numbers.

Key Points To Remember:

1. Total tax-deductible contributions including Super Guarantee and salary sacrifice amounts paid by your employer, must not exceed your concessional cap.

2. For those aged 67 to 75, a work test must be met. 

3. For many individuals, the concessional cap is $27,500 per year.

4. However, if your total super balance is less than $500,000, you may be able to utilise unused cap amounts from previous years, known as the carry-forward rule​​.