As 30 June 2024 quickly approaches, it’s time to prepare and finalise your superannuation contributions and pension withdrawals to ensure they are processed within this financial year. This is a key opportunity to optimise your tax position, maximise contribution caps, and stay compliant with regulatory requirements.
Why Timing Matters
Super contributions and withdrawals are not considered effective until the transaction has been fully processed by the fund. Simply initiating a payment on or near 30 June isn’t always enough. Delays in bank processing times, public holidays, or fund administration queues can all lead to missed deadlines.
Missing the cut-off dates can mean:
- Your super contribution may fall into the next financial year and not count toward this year’s caps
- You may miss out on tax deductions or government co-contributions
- Required minimum pension withdrawals may not be met, which could result in your fund losing tax concessions
Getting it done early is the safest approach.
Our Key Cut-Off Dates for Clients:
To ensure smooth processing for all clients, please note the following internal deadlines:
- Withdrawals: All requests must be submitted by Thursday, 13 June 2024
- Contributions: Must be received and cleared in the super fund account by Thursday, 20 June 2024
We strongly encourage you to act well before these dates to avoid any unexpected delays.
What You Can Do Now
- Review your contribution strategy: Consider making additional concessional or non-concessional contributions while staying within your caps.
- Finalise any pension withdrawals required to meet the minimum drawdown requirements.
- Ensure your bank or employer has enough time to process any contributions you’re arranging.
Need Financial Advice?
EOFY can be a powerful time for tax planning and superannuation strategies. If you’re unsure about your options or whether you’re making the most of the available opportunities, we’re here to help.
Please contact us as soon as possible so we can provide tailored advice ahead of the cut-off dates. With adequate time, we can work with you to make the most of your superannuation and ensure all required actions are completed without stress.
📞 Contact us today to schedule your EOFY review and get ahead of the game.