Andrew Grinsell of Cooee Wealth Partners, an online service specialising in total wealth management including super optimisation and tax strategies, says the start of a new financial year offers a crucial opportunity for tax planning.
Superannuation as a Tax-Effective Tool
One of the most effective ways to legally reduce tax obligations in the 2026-27 financial year is through a superannuation fund. "If you want to be more tax-effective next financial year, super should be one of the first places you look," Andrew said. "The best approach for many employees is salary sacrifice, because the tax benefit starts straight away. Instead of waiting until tax time, you're reducing your taxable income as you go, while building your retirement savings at the same time."
Salary Sacrifice and Personal Contributions
Salary sacrificing involves an agreement between you and your employer to give up a portion of pre-tax wages in exchange for a non-cash benefit, reducing the tax you pay on your income. Andrew also highlighted personal super contributions as another strategy: "If you're self-employed or prefer to use cash savings, you can still make a personal super contribution and potentially claim a tax deduction. That can either increase your tax refund or reduce what you need to pay when you lodge your return."
Federal Budget Reinforces Superannuation
Andrew noted that the federal budget has reinforced superannuation as the preferred long-term structure for tax-effective wealth building. However, he acknowledged the trade-off: "Once money goes into super, you generally can't touch it until you meet a condition of release. For some people, that's a downside, but for others it's actually a benefit as it creates discipline and removes the temptation to spend money that's meant for long-term goals." Conditions of release include reaching preservation age, reaching age 60 and retiring or ceasing gainful employment, or experiencing financial hardship.
Start Early for Best Results
Regardless of age, employment status or financial circumstances, the tax system is complicated, and last-minute scrambling can lead to stress and missed opportunities. "The mistake people make is leaving it too late," Andrew said. "Good tax planning is not something you do in June. It starts early in the financial year."
