Superannuation is vital to save money for your retirement, but it is also one of the best long-term investments and you can get some significant tax benefits as well.

Despite its potential, a lot of people don’t understand Super and what they can do to maximise its taxation benefits. Here are some of the best ways to get more money into your super account and supercharge your balance, all whilst obtaining that elusive tax deduction.


One of the reasons super is a great investment is the tax concessions given by the Australian Government when you make your own contributions to your super. There are limits to the amount you can put in yourself.  Concessional contributions (claiming a tax deduction) for all ages is currently $25,000, while non-concessional contributions (not claiming a tax deduction) for all ages is currently $100,000.  It is important to note that the $25,000 limit includes superannuation from all sources, including superannuation guarantee paid by your employer and any salary sacrificing into superannuation that you may be doing.

Salary Sacrifice

If you can afford it, you may consider “sacrificing” some of your before-tax salary into superannuation. Not only does this boost your balance, but it lowers the overall amount of tax you pay during the year – it’s a win/win.  If your employer allows for salary sacrificing it will be important to seek professional advice before entering into any arrangement.

Unused concessional contributions cap

From July 1, 2018, if you have a total superannuation balance of less than $500,000 on June 30 of the previous financial year, you may be able to contribute more than the general concessional contributions cap ($25,000) and make additional concessional contributions for any unused limits from the previous year.  The first year you will be entitled to carry forward unused amounts is the 2019–20 financial year. Unused amounts are available for a maximum of five years, and after this period will expire.  We would encourage you to discuss this with your professional during any mid-year tax planning discussions you may have.

Super co-contributions and low-income super tax offset

Extra Super? Yes please! Let the government top up your super. If you are eligible and make personal super contributions after tax during a financial year, the government will match your contribution with a super co-contribution. The government also introduced the low-income super tax offset to assist low income earners to save for their retirement.  If you contribute $1000 you have the possibility of the government topping up your super by up to $500.  Additional limits and eligibility conditions do apply though.

These are just a few of the ways to boost your super balance. It is important to note that there are a range of taxation penalties if you exceed these caps and we would encourage you to discuss this topic with your professional in April or May of this year to allow plenty of time for any additional contributions to make their way into your member account before 30 June.

The information provided is general in nature and does not take into account your personal situation. You should seek professional advice before acting on any information provided.


Karen Peall is the Executive Manager of Lyons Judge Bundaberg and has more than 20 years experience in accounts and taxation, specialising in companies, trusts and self-managed super funds.