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This short article provides five strategies to maximise your superannuation contributions and make the most out of your savings before the end of the financial year.

Looking to give your superannuation a boost before the end of the financial year? Look no further!

Follow these five savvy strategies to maximise your contributions and make the most of your superannuation savings:

1. Consider additional Concessional Contributions (Pre-Tax Contributions)

Why? Because these contributions are taxed at just 15%, potentially lowering your taxable income. It's like giving less to the taxman and more to future you!

This article explains the ‘downsizer contribution to super scheme’ which came into effect 1 July 2018. It covers the main rules of the scheme and the potential effects on super and the age pension.

Thinking of selling your home? Since 1 July 2018 you may be eligible to contribute up to $300,000 ($600,000 for a couple) from the proceeds of the sale of your home to your superannuation fund. 

This incentive, known as the ‘downsizer contribution’, is part of a federal government program to improve housing affordability. It offers a further opportunity for some home sellers to benefit from the tax advantages associated with superannuation. On the downside it may adversely affect eligibility for age pension.

This article focuses on the tax deductions afforded to personal contributions to super before 30 June and encourages your readers to plan ahead.

The end of the financial year is rapidly approaching and, along with it, the opportunity to claim a tax deduction on additional superannuation contributions.The end of the financial year is rapidly approaching and, along with it, the opportunity to claim a tax deduction on additional superannuation contributions.

Why contribute more to super?

This article discusses the differences between making pre-tax (salary sacrifice) and post-tax (tax deductible) contributions to super. It uses a case study to explain the potential differences.

If you are an employee, there are two ways in which you can optimise the tax-effectiveness of your additional super contributions:

•    opt for a salary sacrifice arrangement, whereby your employer makes additional superannuation contributions beyond the compulsory superannuation guarantee (SG) amount from your pre-tax earnings and reduces your salary accordingly; or
•    make a personal contribution and claim a tax deduction when you submit your tax return.

Salary sacrificing simply involves having part of your salary paid into a superannuation fund by your employer rather than receiving it as income. These contributions are not included as part of your assessable income, reducing your income tax burden.