Prime Time with Bec Wilson Your tax time checklist
Jun 16, 2025
This podcast dives into essential tax-time tips, especially focusing on superannuation. Discover how topping up concessional contributions before June 30 can lead to significant tax savings. Learn about carrying forward unused caps and the benefits of salary sacrifice for quicker super growth. The discussion also covers balancing super between partners and the importance of keeping binding beneficiary nominations current. Finally, a handy checklist is provided to ensure you're adequately prepared for the end of the financial year.
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Top Up Super Before Year End
- Top up your super before June 30 (ideally seven days earlier) to use your concessional $30,000 cap and pay 15% tax on contributions.
- Fill out and submit the notice of intent to claim a tax deduction form to your super fund so the ATO processes the deduction.
Use Carry-Forward Contributions
- Use carry-forward concessional contributions if your super balance was $500,000 or less at last year's end and you haven't used your cap in prior years.
- This lets you deposit earlier unused concessional space and be taxed at 15% inside super while you work.
Set Up Salary Sacrifice
- Ask HR to set up salary sacrifice to divert extra percent(s) of your wages into super before tax.
- Start it for the next financial year to boost compounding and switch off if cashflow tightens.