Being super smart before the end of FY26

Each May/June, we undertake a focused review of our clients’ position for EOFY and Budget opportunities. Where relevant, we provide tailored advice and implement. For existing clients, this article offers a snapshot of the issues we are reviewing for you right now. For those who aren’t yet clients, it highlights the opportunities that can easily be overlooked without a regular, strategic review. The rules are technical and mistakes can be costly, so personal advice matters.

Here are 11 ideas we are considering for clients before 30 June 2026 and into the new financial year:

1. If you have a SMSF, the most urgent decision before 30 June 2026 may be whether to elect the one-off cost base reset for Division 296 purposes. This should be considered for members already above $3 million, but also for those approaching that level, funds with insurance, or situations where future contributions, inheritances, death or disability could make the rules relevant later.
2. If you hold assets outside super and are already considering a sale or portfolio change, consider whether the proposed Budget changes to capital gains tax to apply from 1 July 2027, and the opportunity to realise gains under the current rules across two financial years (the current FY26 and the next FY27 year), may be relevant. At this stage, however, the detail is not final and any major decision should be weighed carefully rather than rushed.
3. If you have an account-based pension, consider whether you have met your minimum pension requirements for the year. If the required withdrawals are more than you need to spend, consider how to effectively invest the surplus.
4. If you have not fully utilised your Transfer Balance Cap, consider whether there is an opportunity to move more from accumulation phase into pension phase. The general cap increases from $2 million to $2.1 million on 1 July 2026, so it may be worth reviewing whether action before or after 30 June is more beneficial for you.
5. If you have significant income or capital gains this year, consider whether making additional concessional contributions, including the use of any available carry-forward concessional cap amounts, may help reduce tax and strengthen your super position.
6. If you are using salary sacrifice or planning to make personal deductible contributions, review the timing and amount before year end to make sure your total concessional contributions do not exceed the cap once employer contributions are included.
7. If you have excess savings or investments that you do not need before retirement, consider whether you are eligible to move more wealth into superannuation to improve long-term tax efficiency.
8. If you are working and your income is modest, consider whether you are eligible for the Government co-contribution. For 2025-26, a personal after-tax contribution may help you receive up to $500, subject to the relevant income thresholds and conditions.
9. If your spouse earns less than $40,000, consider whether making a contribution to their super may be worthwhile. This could help boost their retirement savings and may also entitle you to a tax offset of up to $540.
10. If your spouse has less super than you, consider whether contribution splitting may help even up member balances or support broader retirement planning.
11. If you are aged 67 to 74, consider whether you remain eligible to make concessional contributions, particularly if you are still working or recently retired and have capacity to contribute.

These ideas are designed to prompt discussion, but the full eligibility rules and appropriateness of each strategy depend on your personal circumstances and objectives. For our existing clients, we are already reviewing these issues and will be in touch where relevant. If you are not yet a client and would like us to review your position, contact us.

This information has been prepared and issued by ITL Financial Planning and is current as at 12 May 2026. Material contained in this publication is an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such. This Information may contain material provided directly by third parties and is given in good faith and has been derived from sources believed to be accurate at its issue date. It should not be considered a comprehensive statement on any matter nor relied upon as such. ITL Financial Planning does not accept responsibility for the accuracy or completeness of, or endorses any such material. Except where contrary to law, we intend by this notice to exclude liability for this material. The tax position described is a general statement and is for guidance only. It has not been prepared by a registered tax agent. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice.

Written by Shereen Churchill (Financial Adviser)