End of Year Superannuation Planning

As the end of the financial year approaches, now is the perfect time to review your superannuation strategy and ensure everything is in order. Whether you're managing your own Self-Managed Superannuation Fund (SMSF) or contributing to a retail or industry fund, taking proactive steps now can help you maximise your retirement savings and stay compliant with superannuation regulations.

Here are the essential tasks to consider as part of your end-of-year superannuation planning:

1. Pension Withdrawals: Meet Your Minimum Requirements

If you're currently drawing an income stream from your superannuation such as an account-based pension it is crucial to ensure you've withdrawn at least the minimum required amount for the end of the financial year. Failing to meet this requirement can result in your pension losing its tax-free status, which could have significant financial implications.

Tip: Review your pension payments now and make any necessary withdrawals before June 30 to remain compliant.

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2. Tax Planning & Contributions: Maximise Your Deductions

Superannuation contributions are a powerful tool for tax planning. For the 2024-25 financial year, the concessional (tax-deductible) contributions cap has increased to $30,000, which includes any employer contributions you've received.

Consider the following strategies:

• Salary sacrifice arrangements to boost your super while reducing your taxable income.
• Personal deductible contributions if you're self-employed or want to top up your super.
• Carry-forward contributions if you have unused concessional cap amounts from previous years and your total super balace is under $500,000.

Important: Contributions must be received by your fund before June 30 to count for this financial year. Please note some industry and retail funds may have a due date prior to 30^th June. It is advisable to contact your fund and confirm before making contributions.

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3. Investment Review: Align with Your Retirement Goals

The end of the financial year is a great time to review your superannuation investment strategy. Markets fluctuate, and your risk tolerance or retirement timeline may have changed.

Ask yourself:

• Are your current investment options aligned with your long-term goals?
• Do you need to rebalance your portfolio?
• Have you reviewed your fund's performance and fees

A well aligned investment strategy can make a significant difference to your retirement outcomes.

4. Lease Payments for SMSFs: Stay on Top of Compliance

If you're a member of an SMSF that owns commercial or residential property, it's essential to ensure that all lease payments are up to date. This includes:

• Ensuring tenants (including related parties) are paying market rent.
• Making sure lease agreements are properly documented and adhered to

Non-compliance in this area can lead to penalties and potential breaches of superannuation law.

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Key Deadline: June 30 2025

All contributions and compliance actions must be completed before June 30 2025 to be effective for the 2024-25 financial year. Missing this deadline could mean losing out on valuable tax benefits or falling short of regulatory obligations.

Need Help? Talk to the Superannuation Experts

At Murray Nankivell, our specialist superannuation team is here to help you navigate the complexities of end-of-year planning. Whether you need assistance with contributions, pension payments, or SMSF compliance, we’re just a phone call away.

Contact us today to ensure your superannuation is in top shape for the new financial year!

Disclaimer: Conditions apply to contribution payments. Eligibility criteria and deadlines may vary depending on your personal circumstances. If you're unsure about your obligations, we strongly recommend speaking with one of our experienced team members.

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