How to max your superannuation before June 30

With the end of financial year just weeks away, here are seven strategies to boost your super before June 30.

We normally associate June 30 with tax time. But the end of the financial year is a good time to top up your super.

And frankly, most of us could do with a bit extra in our retirement savings.

A survey by Finder found only one in four (28%) Australians think they have enough money in super or other investments to retire comfortably.

Here are seven ways to help grow your super before June 30.

1. Check your employer is making super contributions

Log into your super account online, and cross-check your payslip with your super balance to see if your boss has paid compulsory super contributions.

These contributions can be paid quarterly. So, payments relating to April 1-June 30 may not reach your account until July 28.

That said, if it looks as though your employer has missed contributions, talk to the boss or your HR team.

2. Consider a government co-contribution

Co-contributions are a way to get the federal government to chip in to your retirement savings.

If your income is below $58,445 this financial year, making a super contribution from after-tax money could see you eligible for a co-contribution worth up to $500.

3. Make a contribution of your own, save on tax

Budgets are tight right now, but reviewing your spending can reveal areas where you can cut back. These savings can be used to make a before-tax (concessional) contribution, which can potentially be claimed on tax.

These contributions are capped at $27,500 for 2023/24. This total includes employer contributions plus salary sacrifice contributions.

However, you may be able to claim unused contributions from the past five years. Any unused before-tax contributions relating to 2018/19 will expire this financial year.

4. Get your spouse/partner to chip in

If your income is below $40,000, talk to your significant other about a spouse super contribution.

Your spouse/partner may be eligible for a tax offset worth up to $540 when they make a contribution to your fund.

5. Consider contribution splitting

If you're in a committed relationship, contribution splitting can help couples even out their super balances, and this can offer protection against any future changes to the rules around super.

This strategy typically works best when one person has considerably more in super than their spouse/partner.

Up to 85% of before-tax super contributions in a given financial year can usually be split between a couple.

6. Review your investment choice

The way your super is invested can have a major impact on your final balance on retirement.

Take a few minutes to review your super's investment strategy. If you're a long way from retirement, taking a little more risk can supersize your final balance thanks to compounding returns.

7. Speak to your fund for advice at no extra cost

Your super fund is likely to offer two types of advice. 'General advice' is typically available at no extra charge as the cost is built into your fund fees. As a rule, it lets you know what you 'could' do with your super.

For advice on what you 'should' do to maximise your retirement savings, low-cost tailored advice should be available through your fund.

With UniSuper, for example, members can pay just $80 for personalised advice.

It's a small investment with the potential to deliver super-size benefits.

 The information in this article is of a general nature and doesn't consider your personal circumstances. Before making decisions, you should consider whether the information is appropriate for your circumstances otherwise seek financial advice. For more information, visit unisuper.com.au/contributions.

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