September 16, 2025

Luke on 2CC – Should I max out my super contributions, regardless of my income level?

Financial Planner Luke Smith joined 2CC Talking Canberra in Money Matters, which aired live on Friday 12 September 2025. The topic for this week is: Should I always max out my superannuation contributions regardless of my income level? Luke is joined by Leon of 2CC explore how much to contribute given your situation. Going to the max might not always be the best use of your resources, even though saving for retirement is great behaviour. And go the Raiders if you’re following the NRL!

Thank you for joining us live on 2CC, YouTube or your favourite podcast streaming service for ‘The Strategy Stacker – Luke Talks Money’.

Key topics covered include:

Maxing out your super contributions is great savings behaviour – HOWEVER it might not be your best strategy!

How much tax do I pay on super contributions if I claim a tax deduction for them? Answer: 15%

It’s important to understand what your income is, and how much income tax you pay?

A person with a lower taxable income it might not get the tax deduction they think they’re getting if they claim a tax deduction for their contribution.

It can be better from a tax perspective to just make a personal contribution to your super and not claim the tax deduction.

Luke shares examples at $50,000 income and $100,000 income, and these have different strategy outcomes.

Understanding your taxable income is key to help you understand the tax you pay.

A non-concessional contribution is a super contribution where you don’t claim a tax deduction.

A concessional contribution is a super contribution where you do claim a tax deduction.

If you have sold an asset and have a capital gain tax liability, a concessional contribution (tax deductible super contribution) may be beneficial to help you manage that tax liability.

Luke shares his top tips to consider before making tax deductible contributions to your super.

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Our podcast is also available on Apple Podcasts, Spotify and YouTube – ‘The Strategy Stacker – Luke Talks Money’

Are you making the most of your contributions to super given your taxable income?

Are you making the making the most of your superannuation contributions? It’s a complex area to navigate. Make an appointment to meet with Luke if you need help with your super, investment or retirement planning.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement (including transition to retirement). Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your own goals and situation.

Luke will return to 2CC to talk about other ‘Money Matters’ next week, we hope you can join us. You can also catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.

We look forward to your company again. Luke’s book Smart Money Strategy is out now.

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By Luke Smith