As Q4 rolls in, the countdown to the end of the financial year begins—and with it, the usual scramble to make smart decisions for your business and your future. One hot topic that always surfaces this time of year is Super contributions.
You’ve probably heard that making additional super contributions before 30 June can help you reduce your tax bill and boost your retirement savings. But is it the right move for you?
Let’s unpack it.
Topping up can be a smart move
Contributing extra to your super (on top of compulsory employer contributions) can provide a few benefits:
Tax deductions
Making personal concessional contributions to your super fund means you can claim a tax deduction, reducing your taxable income for the year. This can be particularly handy for business owners looking to offset higher-than-expected profits or smooth out uneven income across financial years.
Hot Tip! 
You’ll need to submit a ‘Notice of Intent to Claim’ form to your super fund and get a confirmation before you lodge your tax return. Timing is key—this isn’t something to leave until June 29!
Build long-term wealth
Let’s be honest—many small business owners are so focused on today’s operations that they forget to look ahead. Contributing extra to your super now means your money gets invested, compounding over time to support your future lifestyle, freedom, and choices.
Even small, regular contributions can make a big impact. Think of it as paying your future self, not just the ATO.
Hot Tip! If you’ve had inconsistent income in recent years, check if you’re eligible for carry-forward concessional contributions. This allows you to use up unused cap amounts from the last five years and potentially contribute more this year.
Use up your cap
The current concessional contribution cap is $30,000 per year, which includes both employer contributions (e.g. from your business) and any extra personal contributions you make. If you don’t use it, it doesn’t automatically carry over—unless you meet specific criteria.
This cap can be a valuable opportunity to maximise your super in a tax-effective way, especially if you’re approaching retirement or just catching up on missed years.
Hot Tip! Double-check how much your business has already contributed on your behalf—employer contributions count toward your cap, and going over can result in unexpected penalties. A quick review now avoids headaches later.
A quick chat now can save stress later
EOFY planning doesn’t need to be complicated—but it should be thoughtful. While topping up your super can be a smart move, it’s not the right option for everyone. If your cash flow is tight, contributing extra might create unnecessary pressure. And don’t forget, going over your contribution cap can lead to penalties, so it’s worth double-checking what’s already been paid in. Timing matters too—the contribution needs to hit your super fund before 30 June to count for this financial year, so it’s best not to leave it to the last minute.
If you’re unsure whether it’s the right fit for your business or your personal goals, we’re here to talk it through. No guesswork, no stress—just support and strategy, tailored to you.
Contact us today at 0417 859 700, or email rebecca@kaleidoscopeaccounting.com.au.
