As 30 June rapidly approaches, now is the critical window for optimising superannuation contributions and ensuring clients take full advantage of the available caps and concessions. Below is a technical summary of key considerations and strategic reminders for professionals in the TPC network.

1.  Concessional Contributions Cap: $30,000

The concessional contributions cap for FY2024–25 has increased to $30,000. This includes employer SG contributions, salary sacrifice, and personal deductible contributions. With the SG rate at 11.5% (and rising to 12% from 1 July 2025), monitoring employer contributions is essential to avoid unintentional excess contributions.

Clients with irregular income or self-employed may benefit from a lump sum personal deductible contribution towards year-end. Relevant Notice of Intent (s290-170) forms need to be completed, lodged and acknowledged by the Fund before personal income tax returns are lodged, pensions are commenced or any withdrawals are made from the Fund.

2.  Carry-Forward Concessional Contributions

Clients with total super balances under $500,000 at 30 June 2024 can utilise unused concessional cap amounts from the previous five years. This can be particularly useful for clients with lumpy income, capital gains, or one-off events in the 2025 financial year.

A client with wholly unused cap in each of the past five years and a 1/7/24 balance under

$500,000 could contribute up to $162,500 this year and claim a full tax deduction.

3.  Non-Concessional Contributions Cap: $120,000 (or $360,000 bring- forward)

The non-concessional contributions (NCC) cap is $120,000. Clients under age 75 may trigger the bring-forward rule to contribute up to $360,000 over three years, provided their total super balance is under $1.66 million (as at 30 June 2024). Partial bring-forward applies up to a balance of $1.9 million.

Confirm the client hasn’t already triggered the bring-forward rule in earlier years. Contributions must be received by the Fund before 30 June to count for this year.

4.  Downsizer Contributions: Still an Option From Age 55

Members who are 55 years or older can contribute up to $300,000 from the sale proceeds of their main residence, provided eligibility criteria are met. This contribution is not counted under the NCC cap and is a powerful tool for boosting retirement savings.

Downsizer contributions must be made within 90 days of settlement and require the appropriate ATO form to be submitted to the Fund.

5.  Timing and Clearing House Delays

Contributions are counted in the year they are received by the Fund—not when the payment is made. For clients using clearing houses (including the ATO’s Small Business Superannuation Clearing House), it is recommended that contributions are made well before 20 June, to allow sufficient processing time.

6.  Fund Caps and Reporting Obligations

Watch for clients who may be approaching or exceeding their total super balance (currently

$1.9 million). Excess contributions will have tax consequences and may also reduce eligibility for government co-contributions or spouse contributions.