30 June Superannuation Checklist

A guide for medical professionals. With the end of the financial year fast approaching, now is the time to consider whether you can boost your superannuation balance before 30 June.

For doctors and medical professionals, many of whom juggle complex income structures across hospital work, private practice, and locum shifts, maximising your super contributions requires careful planning. Even modest additional contributions now can make a meaningful difference to your retirement balance over time, thanks to the power of compounding returns.

Here are five strategies worth considering before the financial year ends.

1. Concessional (Before-Tax) Contributions

You can contribute up to $30,000 in concessional (pre-tax) contributions each financial year. This includes your employer's Superannuation Guarantee payments plus any personal contributions you choose to make.

These contributions are taxed at just 15%, significantly lower than most medical professionals' marginal tax rates.

If you're below the annual cap, you have a few options:

• Salary sacrifice through your employer (if you have this arrangement in place)

• Personal contributions using after-tax money, then claiming a tax deduction.

If you go the personal contribution route, remember you'll need to complete an ATO notice of intent form and receive an acknowledgement from your super fund before lodging your tax return.

A word of caution: This is a busy period for super funds, and many have cut-off dates one to two weeks before 30 June. If you're planning to contribute, don't leave it until the last minute.

2. Carry-Forward (Catch-Up) Contributions

This one is particularly relevant for medical professionals who may have had lower contribution years during training, parental leave, or periods of reduced clinical work.

If your total super balance was below $500,000 as at 30 June last year, you may be able to use unused concessional contribution caps from the past five years.

For example, if you only contributed $15,000 in 2021-22 (when the cap was $27,500), you may have $12,500 in unused cap space from that year alone. Combined with this year's $30,000 limit, that could allow you to contribute up to $42,500.

You can check your available carry-forward amounts through your myGov account linked to the ATO.

3. Non-Concessional (After-Tax) Contributions

Non-concessional contributions are made with after-tax money and can't be claimed as a deduction, but they allow you to accumulate more wealth within the tax-effective super environment.

The annual cap is $120,000, though under the "bring-forward rule," you may be able to contribute up to $360,000 in a single year (depending on your total super balance). You then can't make further non-concessional contributions for the following three years.

This strategy can be useful if you've had a particularly strong year, perhaps from the sale of a practice share or other significant asset and want to shelter more funds within super.

4. Downsizer Contributions

If you're aged 55 or older and have sold (or are selling) your family home, you may be able to contribute up to $300,000 into super from the proceeds. Couples can contribute up to $300,000 each.

This contribution doesn't count towards your annual caps and can be made in addition to other contribution types.

Key conditions apply:

• You (or your spouse) must have owned the home for at least 10 years.

• The property must be your principal residence (not an investment property)

• The contribution must be made within 90 days of receiving the sale proceeds.

While not strictly an EOFY strategy, it's worth flagging if you're in this situation.

5. Spouse Contributions

For medical professionals with partners who may have lower incomes or have taken time out of the workforce, spouse contributions can be a useful way to build retirement savings as a household.

You can:

• Split your own concessional contributions with your spouse after the financial year ends.

• Make a direct contribution to your spouse's super (treated as their non-concessional contribution), which may entitle you to a tax offset.

Not all super funds allow contribution splitting, so check with your fund first.

Before You Act

Super and retirement planning is complex, and the penalties for exceeding contribution caps can be significant.

For medical professionals navigating variable income, multiple employers, and evolving career stages, generic advice only goes so far. What matters is how these strategies fit into your broader financial picture.

If you'd like clarity on your options before 30 June, we're here to help.

Book a session with us, and we'll work through exactly what makes sense for your situation. without the guesswork.