Maximising super earlier will also become important, said Mr Philpot, now that concessional contribution limits have been reduced down to $25,000.

“For those with income levels above $87,000 and in the 39 per cent tax bracket, including Medicare levy, the tax benefit of the contribution is 24 per cent, but the individual personally receives the 39 per cent benefit,” he said.

For clients with mortgages, who have paid off more than 50 per cent of the home value, Mr Philpot said they may want to start considering other strategies including superannuation.

HLB Mann Judd partner Peter Bembrick said with negatively geared loans not providing as much of a loss with the lower interest rates, and a question mark over the viability of other strategies such as agriculture tax schemes, it is difficult to claim large tax deductions elsewhere.

He noted it is important to make sure contributions are sent to the superannuation fund well before 30 June, as the contribution is dated from when the fund receives it, not when it is sent.