While employer contributions provide a solid foundation, small, considered actions before 30 June can make a meaningful difference to your retirement savings over time. End of Financial Year (EOFY) is often when overlooked opportunities come back into focus, and the right strategy now can help set you up well beyond this year.
Make the most of concessional contributions
EOFY is an ideal time to review how much is going into your super. Strategies such as salary sacrifice or claiming a tax deduction on personal contributions can help grow your balance in a tax-effective environment.
The concessional contributions cap is $30,000 per year (including employer contributions)1. If you haven’t used your full cap in previous years, you may be able to carry forward unused amounts, provided your total super balance was below $500,000 at 30 June of the previous financial year.
Eligibility to make concessional contributions, including using carry‑forward amounts, depends on further superannuation rules and individual circumstances.
A quick review before 30 June can confirm whether there is room to do more this year. If you’re planning to claim a tax deduction on personal contributions, remember to lodge a Notice of Intent to Claim with your super fund and receive confirmation before submitting your tax return.
Consider after-tax contributions
If you have surplus cash, a bonus, or proceeds from an asset sale, making an after-tax (non-concessional) contribution to super before EOFY can be a powerful long-term strategy.
The non-concessional contributions cap is $120,000 per year. Depending on your total super balance and eligibility, you may be able to bring forward up to three years of contributions (up to $360,000)2 to get more working inside the super environment sooner.
Non‑concessional and other after‑tax contribution strategies are subject to further eligibility requirements.
These strategies can be highly effective but require careful planning, particularly where total super balance thresholds apply.
Check your eligibility for government incentives
For eligible low to middle income earners, making an after-tax contribution may entitle you to a government co-contribution of up to $5003.
Eligibility depends on your income and the amount contributed, but it can be a simple way to boost your super with additional funds from the government.
Don’t leave it too late
Timing is critical at EOFY. Contributions must be received by your super fund before 30 June to count for this financial year. Processing times can vary, so leaving contributions until the last few days can create a risk of missing the deadline.
EOFY is about momentum, not perfection
You don’t need to overhaul everything at once. Sometimes EOFY is simply about confirming you’re on track, making small improvements, or avoiding missed opportunities that can’t be recovered after 30 June.
Superannuation rules and contribution limits can be complex, and not every strategy will be suitable for everyone. Speaking with an adviser before EOFY can help ensure any approach is appropriate for your circumstances and aligned with your broader financial goals and retirement timeline.
EOFY doesn’t have to be stressful. With the right advice, it’s possible to feel confident about the path you’re on and the future you’re building.
Citations:
