The end of the financial year is now only seven weeks away. June 30 is a key date for superannuation contributions. There are steps people can take before that date to maximise their super balances, that will no longer be possible after June 30.

As people get closer to retirement they often try to boost their super balances. When they do retire they can convert their super to a pension that earns tax free returns and pays them tax free income. So it’s smart to get as much money into super as possible.

Tax-deductible or concessional contributions are a popular way to earn a large tax refund. Put in a lump sum and claim a tax deduction for it. Usually that results in a healthy refund.

However there are also non-tax-deductible or non-concessional contributions. These have much higher contribution limits, thereby enabling people to get larger sums into super to build their balances faster.

The cash to make non-deductible contributions can come from any source. It could be savings in the bank. It could be from the sale of an investment property or other assets, or from an inheritance.

It could even be from the sale of a business, though there are also separate rules that allow some or all of the proceeds of a business sale to go into super.

Each person can put up to $120,000 into super each year if they don’t claim a tax deduction for it. They can also bring forward the next two years’ contributions and do three now, provided they don’t put any more money in until three years have passed.

That allows them to contribute up to $360,000 immediately. So if that amount of money is available from other sources, adding it to super in this way often makes sense.

If more than $360,000 is available to go to super there is an even better strategy available. Limit pre-June 30 contributions to just $120,000, then put in $360,000 in July, for a total of $480,000 extra in the tax-free area.

Those intending to sell a property in the next financial year might put $120,000 into super from cash reserves now, then $360,000 when the property sells.

People who retired several years ago may think no more super contributions are possible. However non-concessional contributions can be made up until age 75 even if retired. So if they sell an investment property or receive an inheritance now, and are under 75, they can contribute it to super.

It is usually best to get professional advice to ensure the maximum benefits are achieved without exceeding the limits.

Non-concessional contributions can also be used to help eliminate the tax on super on death, a topic for another day.