Boosting Your Superannuation: Seven Powerful Strategies

Caroline Gillies • February 22, 2024

Boosting Your Superannuation: Seven Powerful Strategies

1.   Maximising Tax-Deductible Contributions: Historically, salary sacrifice has been a popular method to bolster one's superannuation savings while enjoying tax advantages. Contributions made through this method are taxed at a favourable rate of 15%, compared to the individual's marginal tax rate, which can reach up to 45%. Recent changes have made these pre-tax contributions, known as concessional contributions, more flexible. Individuals can inject funds into their super at any time and claim a tax deduction, up to the annual cap of $27,500. From 1 July 2024 the concessional contribution cap will increase from $27,500 to $30,000.
 

2.   Leveraging Catch-Up Contributions: Individuals with a super balance below $500,000 at the beginning of a financial year can tap into unused concessional contribution caps from the previous five years. This presents a valuable tax planning opportunity, particularly for those experiencing significant capital gains events, such as selling investments, as they can mitigate a substantial portion of the tax liability by channelling additional funds into their super.


3.   Harnessing Co-Contributions: The government offers incentives for lower-income earners by matching contributions of up to $500 annually for those who deposit $1000 of after-tax income into their super fund. Eligibility varies based on income, with individuals earning below $58,445 qualifying for partial co-contributions, and those earning under $43,445 eligible for the full $500, providing an impressive 50% return on their investment.


4.   Utilising Spouse Contributions: Couples can optimise their super balances and tax savings by contributing to the account of a low-income spouse. Individuals can claim a tax offset of up to $540 by depositing $3,000 into their spouse's fund, provided the spouse earns below $40,000.


5.   Implementing Super Splitting: As couples approach retirement, maintaining similar super balances becomes crucial for managing asset caps, retirement income, and insurance. Super splitting allows individuals to transfer up to 85% of their pre-tax super contributions from the previous financial year to their spouse's account, subject to their fund's policies.


6.   Capitalising on Age Advantages: Transferring superannuation funds into the account of a younger spouse as one partner reaches pension age can strategically shield assets from Centrelink's assets testing, potentially increasing eligibility for age pension benefits.


7.   Exploring Downsizing Opportunities: Individuals aged over 55 who downsize their homes can inject an additional $300,000 from the sale proceeds into their super without affecting other contribution caps. This includes the annual $110,000 cap for after-tax contributions (to rise to $120,000 after 1 July 2024), providing a valuable avenue for boosting retirement savings.


If you would like to discuss any of these strategies further we recommend contacting your Financial Planner.

Capital Gains Tax Implications of Subdividing Land in Australia

By Caroline Gillies • June 1, 2025
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Autumn Tax Tips: Make the Most of the Final Weeks Before Year-End

By Caroline Gillies • May 25, 2025
As we step into the final week of autumn and feel winter’s chill approaching, it’s a natural time for reflection—and that includes taking stock of your financial and tax situation. The end of the year is closer than it seems, and a bit of preparation now can make a significant difference come tax season. Here are a few things to consider as the leaves fall: 1. Review Your Income and Deductions This is a good moment to check your income year-to-date and consider whether there are any deductions you can still take advantage of. Charitable donations or investment losses might help reduce your taxable income before year-end. 2. Maximise Super Concessional Contributions If you haven’t yet maxed out your superannuation concessional contributions, there’s still time. Remember unused cap amounts carry forward for 5 years and the 2019-20 unused cap amount will expire 30 June 2025. These contributions not only help secure your future but can also offer tax benefits now. 3. Organise Your Records Autumn’s slower pace is perfect for pulling together receipts, invoices, and financial documents. Getting organised now means less stress later when tax season begins in earnest. 4. Consider Tax-Loss Harvesting If you’ve had investments that underperformed, selling them before the end of the year to offset gains can be a strategic move. Consult with us today to see if this makes sense for you. 5. Plan Ahead Winter may bring holidays and downtime, but it's also a good window to consult with a tax professional. A quick meeting before year-end can reveal savings opportunities or help avoid surprises when you file. So, as the days grow shorter and frost begins to settle in, use this time to bring clarity and warmth to your finances.

Have you Thought About Where Your Business Will Be in 5 Years?

By Caroline Gillies • May 11, 2025
At Clear Vision Accountancy Group, we offer tailored services to support your long-term success—from strategic business planning to high-end tax administration. Whether you're aiming for growth, improved profitability, or a clearer direction, we're here to help you build a plan that gets results. If you're ready to map out the next five years with clarity and confidence, contact us today on (07) 4688 2500. Our 1-Page Business Plan will help you with: 1. Vision & Purpose Where are you headed, and why does it matter? What is the core purpose of your business? In five years, what positive impact will you have made on your customers, team, or community? What do you want your business to be recognised for within your industry? 2. Growth & Scale What does success look like, and how will you achieve it? What revenue, profit, or market position are you targeting? How many clients or customers do you want to serve—and in which markets? Are you planning to expand your offerings or enter new territories? 3. Team & Culture Who is helping you build it—and how? What does your ideal team look like in terms of structure, culture, and capabilities? How will you attract, retain, and develop top talent? What kind of leadership values and workplace environment will you foster? 4. Operations & Systems How will you deliver at scale—efficiently and reliably? What systems and workflows need to be in place to support sustainable growth? Which technologies or platforms will you implement to improve efficiency? How automated or streamlined do you want your business operations to become? 5. Brand & Customer Experience What do customers say about you—and why do they keep coming back? How will clients describe their experience with your business? What kind of reputation or brand presence will you be known for? What sets your business apart from the competition ?  Our Dream it. Plan it. Get it! will help you with: 1. Lifestyle & Personal Goals How does your business support the life you want to live? What level of involvement do you want in the day-to-day operations? What does ideal work-life balance look like for you? What personal or financial goals will your business help you achieve?