As we draw closer to 30 June 2025, it is important to consider tax planning strategies as well as other administrative duties for your money in superannuation.

Contributions

Super Guarantee

Employers and employees should note that from 1 July 2025 the super guarantee rates increases from 11.50% to 12.00%.

Further, employers should also note that there is no minimum salary threshold for when super guarantee applies to employees.

Concessional contributions

Concessional contributions cap for the 2025 FY is $30,000 and the deposits must be received into the Super Fund prior to 30 June 2025.

When making a member concessional (deductible) contribution, you must give your notice of intent to claim the deduction to your Super Fund before the earlier of when you lodge your tax return or the end of the next financial year.

If you are looking to commence a pension or roll monies to another Super Fund, you must give the notice of intent to claim the deduction beforehand, otherwise the contribution would be treated as non-concessional contribution which may have adverse consequences.

Non-Concessional contributions

The non-concessional contributions cap for the 2024 FY is $120,000 if your total super balance at the close of the previous financial year is under $1,900,000.

If you are under the age of 75 you can bring-forward three years’ worth of non-concessional contributions in the one financial year as detailed below:

Total super balance at 1 July	Non-concessional contributions cap for the first year	Bring-forward period
Less than $1.66m	$360,000	3 Years
$1.66m – $1.78m	$240,000	2 Years
$1.78 – $1.9m	$120,000	1 Year
$1.9m or more	$0	Not applicable

Work Test for Member Concessional Contributions

If you are between the ages of 67 and 74 you will need to pass a work test to contribute member concessional (deductible) amounts into your Super Fund, this requirement means a person must work 40 hours in a 30 day period once in the financial year to be eligible to make the contribution.

Work Test Exempt Contributions

From 1 July 2019 if you retire between the ages of 67 to 74 and have a total super balance under $300,000 you can make further contributions into a Super Fund in the next financial year without having to pass the work test.

Catch Up Contributions

From 1 July 2018 if a person’s total super balance is under $500,000 they can utilise their prior year unused contributions cap (difference between cap and contributions actually made) and make a catch up concessional contribution into their Super Fund.

PLEASE NOTE: From 1 July 2025, the five year rolling period moves to start from 1 July 2020. Members need to review whether or not they’ll have more unused contribution cap space in either the 2019 or 2020 financial year, if they want to maximize the amount of contributions they can make under this provision.

Downsizer contributions

If you have sold your principal place of residence or a property which at one time was your principal place of residence, you can make a contribution up to $300,000 into your Super Fund. To qualify, you need to be over the age of 55 and have held the property continuously for a minimum 10-year period, prior to the sale.

Government co-contributions

If you are a low or middle-income earner and make non-concessional (after-tax) super contributions to your super fund, the government also makes a contribution (called a co-contribution) up to a maximum amount of $500.

Low-Income Super tax offset

Eligible individuals with an adjusted taxable income up to $37,000 will receive a low income super tax offset (LISTO) payment to their super fund equal to 15% of their concessional contributions from employment. Maximum offset is $500 and can be paid directly you if you’ve reached preservation age or are retired.

Spouse contributions

If your spouse’s annual income is $37,000 or less and you make a minimum contribution of $3,000 into their Super Fund you will be eligible to the full offset of $540.

You may be able to claim a partial tax offset, if you pay less than $3,000 and your spouse earns more than $37,000 but less than $40,000.

First Home Super Saver Scheme

If you have never held property in your name you can make a voluntary contribution into your Super Fund up to an annual cap of $15,000 and a total of $50,000 to then withdraw to assist with the purchase of your first home.

Pensions

Transfer Balance Cap (TBC)

Currently, an eligible member can establish a new pension of $1,900,000 which is added to their general transfer balance cap which is the amount of monies allowed in pension phase.

The TBC has indexed since it was first introduced at 1 July 2017 at $1,600,000, so members who have previously used some of their general transfer balance cap will only receive a proportional increase based on the highest ever balance of your transfer balance cap between 1 July 2017 and 30 June 2022.

PLEASE NOTE: From 1 July, the TBC will move to $2,000,000 and the timing of any new pension establishment should be considered in light with this prior to 30 June 2025.

Annual Minimum Requirement

If you are in receipt of a pension you will need to ensure that you have withdrawn your annual minimum prior to 30 June 2025.

The temporary minimum rates are detailed below:

Age of Member	Percentage Factor
Under 65	4%
65 – 74	5%
75 – 79	6%
80 – 84	7%
85 – 89	9%
90 – 94	11%
95 +	14%

Transition to Retirement Pensions

If you are in receipt of this type of pension you need to ensure you have not withdrawn over the maximum limit of 10% of the account balance at the close of the previous financial year

Investment Strategy

Trustees of Self-Managed Super Funds will need to ensure they have reviewed their investment strategy to ensure their current investment allocations agree.

Asset Valuations

Trustees of SMSFs need to ensure that their investments including direct real property and indirect real property (holdings in related units trusts) are revalued at 30 June 2025 to assist in the preparation of the financial statements.

For property holdings, we would recommend a curbside valuation be completed which includes comparable sales data.

In-house Assets

Trustees of SMSFs with in-house assets must ensure that the value of these assets remains under 5% of the total assets at 30 June 2025.

Related Party Lease Agreements

Where an SMSF has a direct commercial property interest, which is leased to a related party, the trustees must ensure that the lease is in place and that the terms are on a commercial basis, with an update to rental market value figure included.

Related Party Loans for Limited Recourse Borrowing Arrangements (LRBA)

Where the SMSF has borrowed from a related party for the purchase of a asset under an LRBA, the trustees must ensure the loan has been followed per the complying loan agreement and rectify any issues immediately.

Collectibles

Where an SMSF has invested in a type of collectible, such as artwork, jewelry or certain coins, the trustee must ensure that the below have been complied with and rectify any issues immediately:

• The asset should be held in the name of the SMSF
• The asset should need to be insured with 7 days of purchase
• The asset can’t be stored at the member’s private residence or stored at the member’s business premises and displayed. A decision on the storage needs to be documented.

Unpaid Present Entitlements (UPE) from Related Unit Trusts

Where an SMSF has a UPE receivable from a reported distribution of income from a related trust from the previous financial year, the UPE must be received prior to the end of the current financial year, otherwise it is treated as loan from a related party and counted as an in-house asset, subject to the relevant rules applicable.

PLEASE NOTE: There is some uncertainty on the above, given the recent tax case around UPEs to Corporate Beneficiaries.

Cryptocurrency

Where an SMSF holds cryptocurrency, the trustees will need to ensure that the below are attended to:

• The cryptocurrency is held in a wallet in the name of the SMSF
• The cryptocurrency can be valued at 30 June 2025
• No other cryptocurrency has been mixed with the SMSF’s holdings

Contact us

For further assistance please contact Daniel Shaw, Director and SMSF Specialist Adviser and head of Superannuation of this office who can assist with your enquiries.

The information provided does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances.