Superannuation is often one of those financial tasks that gets deferred until the clock starts ticking down to June 30. But right now, as we approach the end of the financial year, it’s one of the most effective levers individuals and businesses can pull to improve their tax position and long-term wealth strategy.

At Abbotts, we work closely with clients to ensure they’re compliant and taking full advantage of the opportunities that super offers. Whether you’re managing your own retirement savings or juggling employee obligations, this is the time to act decisively.

Why Super Deserves Your Attention Right Now

While superannuation is designed for retirement, its benefits are very much felt in the present. Making strategic contributions before June 30 can reduce your taxable income, help you reach long-term savings goals faster, and ensure you’re compliant with legislative requirements, particularly if you’re a business owner with employees.

This month offers a short but critical window to review your contributions, check your caps, and take corrective action if needed. Getting it right now can prevent stress later and put you in a stronger financial position.

Understanding Your Contribution Limits

If you’re employed or self-employed, the concessional contribution cap sits at $27,500 for the current financial year. These contributions include employer payments, salary sacrifice arrangements, and any personal contributions you intend to claim as a tax deduction. If your super balance was under $500,000 on 30 June last year, you may also be able to take advantage of unused concessional caps from previous years- a strategy that can be especially helpful if your income has fluctuated or you’ve received a windfall.

There’s also the option to make non-concessional contributions using after-tax income. For those looking to boost their super beyond the pre-tax limit, this cap is currently $110,000 per year. If you meet eligibility criteria, you may be able to contribute up to three years’ worth in one go, potentially $330,00, under the bring-forward rule. These opportunities can significantly accelerate your retirement savings, but must be carefully timed, especially if your total super balance is approaching the $1.9 million limit.

Business Owners: Timing and Compliance Matter

For business owners, the super conversation isn’t just about your personal retirement. It’s also about meeting your responsibilities to your team. Super payments for employees must be received by their funds before June 30 if you want to claim a tax deduction for them this year. It’s not enough to schedule payments in June; processing delays can result in missed deadlines and lost deductions.

This is also a good time to prepare for the next increase to the super guarantee, which will rise to 11.5% from July 1, 2025. Building this into your wage and cash flow forecasts now will help avoid last-minute budget pressures down the track. At Abbotts, we guide business clients through every step, ensuring payroll systems are aligned, clearing houses are efficient, and deductions are maximised.

Strategic Moves for Couples and Families

If you and your partner have unequal super balances, some strategies can help even things out. Spouse contributions are one option, where contributing to your partner’s super may qualify you for a tax offset. Another is contribution splitting, which allows you to move part of your concessional contributions into your spouse’s account. These strategies aren’t suitable for everyone, but when used correctly, they can help manage future contribution limits and balance retirement income more effectively across a household.

Don’t Forget the Hidden Parts of Super

Beyond contributions and compliance, May is also the perfect time to look under the hood of your super fund. Many people don’t realise how much of their balance may be going to fees or insurance premiums, and whether those insurance policies still reflect their needs. It’s also a good time to check that your investment strategy is aligned with your goals and risk appetite, and that your beneficiary nominations are up to date.

These aren’t the kinds of checks you want to rush. At Abbotts, we regularly help clients assess the performance, structure, and suitability of their super, ensuring it remains an asset, not a liability, in their long-term plan.

Abbotts: Helping You Get Ahead, Not Just Keep Up

Our role is to keep you ahead of change, aware of opportunities, and confident in your decisions. Whether you’re an individual planning for retirement, a growing business navigating employer responsibilities, or a high-net-worth individual seeking tailored advice, our team brings together deep expertise with a proactive mindset.

We don’t just respond to your questions- we get in touch with what you need to know, before you need to ask. That’s how we’ve helped clients thrive for over 35 years, and it’s how we continue to partner with Perth businesses and families today.

Let’s Talk Before the Deadline Hits

Superannuation doesn’t have to be complicated or overwhelming. With the right advice, it becomes a powerful tool- one that works for you now and well into the future.

If you haven’t reviewed your super yet this financial year, now’s the time. Reach out to the team at Abbotts and let’s make sure you’re making the most of your options before June 30.