The end of the financial year is just two weeks away – this means time is running out for anyone who wants to optimise their superannuation before massive rule changes take effect on 1 July.

The non-concessional contribution cap will drop from $180,000 to $100,000 a year, but the three-year bring-forward rule has a unique loophole. Provided you are eligible, you can still contribute $540,000 – $180,000 a year for the next three years – even though the number will be just $100,000 a year after 30 June. This could be especially important if you have a large superannuation balance, because no non-concessional contributions will be allowed after 30 June for anyone with $1.6 million or more in super.

If you are in a situation where one partner has a large balance, and the other has a small balance, you could consider withdrawing up to $540,000 from the larger account, and contributing it to the smaller account as a non-concessional contribution. This strategy has a dual benefit – it maximises the amount able to be held in the zero-tax pension environment after 30 June, and also converts a significant portion of the taxable component to non-taxable. This means less death tax if the superannuation is left to a non-dependent.