Important notice: We are not related to the payday loan company or any overseas companies using the name Clear Sky Financial. We are Clear Sky Financial Pty Ltd. A 100% Australian owned Financial Planning Company, with Australian-based advisers operating under Australian Financial Services Licence Number 246638.

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Turbocharge Your Super before 30 June

More than half of us set a new financial goal at the beginning of 2025, according to ASIC’s Moneysmart website. While most financial goals include saving money and paying down debts, the months leading up to 30 June provide an opportunity to review your super balance to look at ways to boost your retirement savings.

How to boost your retirement savings:

Making additional contributions on top of the super guarantee paid by your employer could make a big difference to your retirement balance – thanks to the magic of compounding interest.

There are a few ways to boost your super before 30 June.

Concessional contributions: (before tax)

These contributions can be made from either your pre-tax salary via a salary-sacrifice arrangement through your employer or using after-tax money and depositing funds directly into your super account.

Apart from the increase to your super balance, you may pay less tax (depending on your current marginal rate).i We can check this for you and let you know how much extra you can contribute and what the tax saving would be.

We can also check to see what your current year-to-date contributions are so any additional contributions you may make don’t exceed the concessional (before-tax) contributions cap, which is $30,000 from 1 July 2024.ii

Non-concessional contributions: (after tax)

This type of contribution is also known as a personal contribution. It is important not to exceed the cap on contributions, which is set at $120,000 from 1 July 2024.iii

If you exceed the concessional contributions cap (before tax) of $30,000 per annum, any additional contributions made are taxed at your marginal tax rate less a 15 per cent tax offset to account for the contributions tax already paid by your super fund.

Exceeding the non-concessional contributions cap will see a tax of 47 per cent levied on the excess contributions.

Carry forward (catch-up) concessional contributions:

If you’ve had a break from work or haven’t reached the maximum contributions cap for the past five years, this type of super contribution could help boost your balance – especially if you’ve received a lump sum of money like a work bonus.

These contributions are unused concessional contributions from the previous five financial years and only available to those whose super accounts are less than $500,000.

There are strict rules around this type of contribution, and they are complex so it’s best to speak with us first and we can show you the best way to make a catch-up contribution.

Downsizer contributions:

If you are over 55 years, have owned your home for 10 years and are looking to sell, you may be able to make a non-concessional super contribution of as much as $300,000 per person – $600,000 if you are a couple. You must make the contribution to your super within 90 days of receiving the proceeds of the sale of your home.

Spouse contributions:

There aretwo ways you can make spouse super contributions, you could:

  • split contributions you have already made to your own super, by rolling them over to your spouse’s super – known as a contributions-splitting super benefit, or
  • contribute directly to your spouse’s super, treated as their non-concessional contribution, which may entitle you to a tax offset of $540 per year if they earn less than $40,000 per annum

Again, there are a few restrictions and eligibility requirements for this type of contribution.

Please don’t hesitate to get in touch for more information about your options, and for help with a super strategy that could help you achieve a rewarding retirement. If you would like to speak to one of our financial advisers, please click here.

i Salary sacrificing super | Australian Taxation Office

ii Concessional contributions cap | Australian Taxation Office

iii Non-concessional contributions cap | Australian Taxation Office

Information contained in this document is considered to be true and correct at time of publication. In addition, the information provided is general information only, and does not take into account any individuals’ objectives, financial situation and needs. Before acting on any information contained herein, you should consider the appropriateness of the advice having regard to your personal objectives, financial situation and needs.


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    Clear Sky Financial Pty Ltd (ABN 36 634 263 148) is a Corporate Authorised Representative No.1299668 of InterPrac Financial Planning Pty Ltd (Australian Financial Services Licence Number 246638). Clear Sky Finance Pty Ltd (ACN 679 620 716) is authorised under Australian Finance Group Ltd ACN 066 385 822 Australian Credit Licence 389087. Information contained in this website may not take into account any individuals’ objectives, financial situation and needs. Before acting on any information contained herein, you should consider the appropriateness of the advice having regard to your personal objectives, financial situation and needs.