Smart strategies for your Super this EOFY

"Rule one. Never lose money. Rule two. Never forget rule number one."  Warren Buffett, Chairman Berkshire Hathaway "Rule one. Never lose money. Rule two. Never forget rule number one." Warren Buffett, Chairman Berkshire Hathaway

Looking for some smart super ideas?

Whatever your longer term plan is about your Super, have a shorter term plan about understanding it's potential.

With the end of the financial years' June 30th fast approaching, it might be time to start thinking about your super for another year. Here are five smart strategies that could benefit you now, and help boost your super balance for later.

Jump Ahead

Lets be frank - everyone has a different attitude to their superannuation

We understand not everyone is savings for a house, paying a mortgage or thinking about doing that sometime soon.

So, for some people, saving in their superannuation may be a key part of their preparing for retirement strategy so keeping track of the changing super contribution laws is important.

Tax advantages of Saving In Your Super

Saving more in super can come with tax and other benefits this financial year – but that’s just the start.

What's the Big Deal about Super?

It can be very useful, depending upon your plans now and for later -  and your time line towards retirement. 

  • Once money is invested in super, any earnings are taxed at a maximum rate of 15% – instead of your personal marginal tax rate, which may be up to 47% 2
  • This low tax rate can help you build up savings for your retirement. 
  • When you do retire, you can also transfer your super into a ‘retirement phase’ pension 3Once a fund is in retirement phase, won’t pay tax on investment earnings, (and that's very cool) and any income payments you receive from age 60 onwards are tax-free.

Five Smart Strategies for your Super

Here are five strategies that could benefit you now, and help boost your super balance for later.

Super tips and traps

Make sure any contributions you want to make this financial year are received by your fund before June 30.

It very important to know that there are caps on how much you can contribute to super each year. It’s important to take the caps into account, as penalties may apply if you exceed them.

Pro Tip: Before you add to your super, keep in mind you won’t be able to simply access the money until you meet certain conditions.

Pro Tip: With electronic transfers (including Bpay), the contribution takes effect the day your super fund receives the money, not the day you make the transfer.

Other eligibility criteria and conditions apply in relation to these strategies. Further information can be found on the Australian Taxation Office website ATO website

Get smart and get super advice

You’ll need to meet certain conditions before you can benefit from any of these strategies.

Lets have a chat to assess your eligibility for using these strategies, explain the different options available to you in detail and help you decide which strategies are appropriate for you.

Contact us today and see if we're the type of people you'd like to work with.


1 Includes assessable income, reportable fringe benefits and reportable employer super contributions. Other eligibility conditions apply.

2 Includes Medicare levy.

3 There is a limit on the total amount that can be transferred to retirement phase in a person’s lifetime. This limit is $1.6 million in FY 2020/21 (subject to indexation) and increasing to $1.7 million in FY 2021/22.

Drew Browne

Drew specialises in helping people protect and provide for what matters most in their lives. He's an award-winning writer, speaker, financial adviser and business strategy mentor. His company Sapience Financial is committed to using business solutions for good in the community, and in 2015 certified as a B Corp. In 2017 Drew was recognised in the inaugural Australian Businesses of Tomorrow National Awards. Drew writes for successful Small Business Owners and Entrepreneurs, his blogs can be read on and you can connect with him on LinkedIn.

Any information provided is general advice only and we have not considered your personal circumstances. Before making any decision on the basis of this advice you should consider if the advice is appropriate for you based on your particular circumstance.

drew browne pic

Drew Browne

Sapience Founder & Director.
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