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Maximise Your Super Contributions and Save on Taxes with These Strategies

Discover the benefits of tax deductions when topping up your superannuation. By contributing up to $27,500 each year, you can reduce your tax liability while boosting your super balance. If your employer’s contributions or salary sacrifice agreement haven’t reached the limit, you can personally contribute and claim a tax deduction. This smart approach allows you to maximise your super and minimise your taxes.

Ensure you meet the ‘work test’ if you’re between 67 and 74 years old. To contribute personal concessional contributions and claim a deduction, you must have worked at least 40 hours within 30 consecutive days before the financial year ends. Once you meet this requirement, you can make voluntary contributions to your super fund.

To qualify for the tax deduction, ensure your contribution reaches the super fund before 30 June (consider processing times). Additionally, submit a Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions to your super fund before filing your tax return. This notifies them about the amount you intend to claim as a deduction.

Utilise Unused Contribution Caps to Your Advantage

If your total super balance is below $500,000 and you haven’t reached your cap in the past four years, you can carry forward any unused contributions. This allows you to make a larger tax-deductible contribution this year. For example, if you contributed $10,000 in concessional contributions in the 2021-22 financial year, you can carry forward the unused $17,500 to this year. You can claim a larger tax deduction by making a higher personal contribution. This strategy is especially useful if you’ve made a capital gain and want to reduce your tax liability.

Take Advantage of Special SMSF Benefits

For self-managed superannuation funds (SMSFs), there’s a unique advantage in reporting concessional contributions. You can make a contribution in June but allocate it to the member 28 days later in July. By leveraging this quirk, you can contribute up to $55,000 this financial year (double the $27,500 cap) and claim the full tax deduction. The SMSF recognises this contribution in two parts: one in June and the other from the fund’s reserve in July. Self-employed individuals can benefit greatly from this strategy, boosting their super while reducing their tax liability in a specific year.

Maximise Tax Savings as a Couple

To optimise tax savings for a couple, it’s beneficial to balance the amount of super each person holds. With a cap on tax-free retirement account transfers, consider making contributions on behalf of your spouse. If their assessable income is below $37,000, a contribution of $3,000 or more allows you to claim a tax offset of up to $540.

Another way to top up your spouse’s super is through super splitting. If your spouse hasn’t retired and is below their preservation age, you can roll over up to 85% of taxed splitable contributions from a financial year to their account.

Strategic Retirement Timing

For those considering retirement, waiting until after 1 July 2023 offers benefits. Indexation will increase the general transfer balance cap by $200,000 to $1.9 million. By delaying your retirement income stream until after this date, you gain access to an additional $200,000 cap of tax-free superannuation savings.

Consult a Financial Adviser

Before implementing any superannuation strategies, it’s crucial to seek advice from a financial adviser. They can provide personalised guidance based on your specific circumstances, ensuring you make informed decisions.

The content of this article’s intention is to provide a general guide to the subject matter. You should seek specialist advice about your specific circumstances.


Vogue Advisory Group is here to provide expert guidance and support in navigating the complexities of superannuation strategies. Our team of experienced financial advisers understands the importance of maximising your super contributions while minimising your tax liability. Whether you’re looking to take advantage of tax deductions, utilise unused contribution caps, or explore SMSF benefits, we have the knowledge and expertise to help you make informed decisions.

At Vogue Advisory Group, we work closely with our clients to develop personalised superannuation strategies tailored to their unique financial goals and circumstances. Our dedicated advisers will assess your current super balance, income level, and retirement plans to determine the most effective approach for you. We will guide you through the process of making personal contributions, claiming tax deductions, and meeting the necessary requirements such as the ‘work test.’

Moreover, our team is well-versed in the latest regulatory changes and industry trends, including the upcoming indexation that increases the transfer balance cap. We will keep you informed about these developments and advise you on the optimal timing for retirement income streams to maximise your tax-free superannuation savings.

When it comes to managing super as a couple, Vogue Advisory Group can help you optimise tax savings through strategies like balancing super amounts and super splitting. We understand the intricacies involved and will provide comprehensive guidance to ensure you and your spouse make the most of your combined superannuation.

With Vogue Advisory Group as your trusted partner, you can confidently navigate the complex world of superannuation and make informed decisions that align with your long-term financial objectives. Our commitment to providing personalised advice, staying up-to-date with industry changes, and putting your best interests first sets us apart.

Contact us today to schedule a consultation and embark on a journey toward a more secure financial future.