📅 The close of the financial year is on the horizon, making it an opportune time to bring your superannuation affairs into order before June 30th ticks over! 💰 By proactively managing your super, you can bolster your retirement savings for the long haul. Let us guide you through some tips to enhance your super and optimise your contributions. 🚀

Initially, ensure to check your MyGov account or consult with your employer for insights into your super contributions. You have the flexibility to make concessional contributions up to $27,500 annually, which are subjected to a tax of merely 15%. This approach paves the way for tax savings and a boost to your super, especially beneficial if your tax rate exceeds 19%. 📈

For those in a position to leverage extra cash, unused concessional contributions caps can be accumulated back to 2019-20 and made as a single concessional contribution in a year. Please note, this measure isn’t applicable if your super exceeds $500,000 and can only be utilised once. It’s critical to avoid breaching contribution limits, as the Australian Taxation Office (ATO) will ensure any tax saved by making the concessional contribution is returned. 🚫

In scenarios where you have a substantial amount of money, perhaps from an asset sale or inheritance, you can make non-concessional contributions. You can contribute up to $110,000 annually or front-load up to $330,000 for three years. Please be mindful of restrictions and consult the ATO website for comprehensive details. 🌐

If you made withdrawals from your super during the COVID-19 emergency, you now have the option to recontribute until June 30, 2030. These repayments are classified as non-concessional contributions and won’t be included in your non-concessional contributions cap. 🔄

For individuals aged between 65 and 74, the work test is no longer applicable, meaning you can still top up your super while adhering to contribution caps. 💪

Lastly, there are three strategies designed to support low- or middle-income earners where the government makes contributions to super: Spouse super contribution, Government co-contribution, and Low Income Super Tax Offset (LISTO). These benefits could supercharge your super and offer tax savings. 🤝

Always remember, it’s vital to act before June 30th to maximise your superannuation benefits and secure your financial future! 🌟

Source: https://thenewdaily.com.au/finance/superannuation/2023/06/26/get-super-sorted-for-june-30/

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