As the end of the financial year (EOFY) approaches, it’s a great time to check in on your superannuation and take advantage of opportunities to strengthen your retirement savings. A few proactive steps before 30 June can help you make the most of tax concessions and ensure you’re on track for your future.

Here are some key EOFY superannuation considerations to keep in mind:

1. Maximise Your Concessional Contributions

Concessional (before-tax) contributions include employer super payments, salary sacrifice amounts, and personal contributions for which you claim a tax deduction for.

For the 2024–25 financial year, the cap is $30,000

If you haven’t reached this cap and have the means, you may want to consider topping up before EOFY to reduce your taxable income and boost your super. Make sure contributions are received by your fund well before 30 June, as delays in processing can mean missing out.

2. Use the Carry-Forward Rule

If your total super balance is under $500,000, you may be eligible to carry forward unused concessional contributions from the previous five financial years. This can be a valuable way to catch up and make larger deductible contributions in years when your income allows it.

3. Consider Non-Concessional Contributions

You can also contribute after-tax money into your super, known as non-concessional contributions. The cap for these is $110,000 per year, or up to $330,000 over three years under the bring-forward rule (if eligible).

This strategy can help boost your super significantly, particularly for those planning to retire soon, but staying within the limits is important to avoid excess contribution tax.

4. Check Your Super Fund and Investment Options

EOFY is a smart time to review your super fund’s performance, fees, and investment options. Is your current risk level aligned with your retirement goals? Are you getting value for money? Minor adjustments now can make a big difference over time.

5. Review Your Super Balance and Insurance

Log in to your fund and review your balance and any attached insurance. As life circumstances change—whether that’s your job, health, or family needs—it’s important your insurance inside super still suits your situation.

6. Superannuation for the Self-Employed

If you’re self-employed, remember that you can make personal contributions and claim a tax deduction—this can be a very effective way to build retirement savings and reduce your taxable income.

Superannuation strategies can be powerful, but the rules can be complex. It’s always a good idea to speak with your accountant or financial adviser before making changes to ensure you’re making the most of the options available to you.

EOFY is just around the corner—don’t leave it to the last minute!