Money
8 smart ways to supercharge your super before 30 June
Smart, simple super strategies to help you save on tax, boost your super balance and mop up all the available savings from this financial year.
By Bron Maxabella
As the end of the financial year (EOFY) approaches, it’s the ideal time to take stock of your superannuation. For many of us, super is a “set and forget” savings tool, but checking in now could bring both immediate and long-term benefits, especially if you’re over 50 and retirement is creeping closer.
Whether you're looking to give your future finances a healthy boost, reduce your taxable income, or take advantage of little-used government incentives, there are several ways to get your super in shape before 30 June. Some strategies can help you today by reducing your tax bill; others will thank you later by adding compound interest to your retirement nest egg.
You don’t need to overhaul everything at once, even small steps can make a big difference over time. Below are some effective, EOFY super strategies that are easy to action and take advantage of government support and incentives.
+ EOFY financial health check: 10 essential steps for Aussies over 50
1. Give yourself a tax break with a smart super top-up
If you’ve got a little extra cash – perhaps from your savings, bonus, inheritance or investment sale – you can make a personal after-tax (non-concessional) contribution to your super and claim it as a tax deduction. As long as you haven’t maxed out your concessional cap (which is $30,000 for this financial year), you’ll lower your taxable income and boost your super savings.
To take full advantage of your contribution this financial year, make sure your contribution lands in your fund before 30 June. You’ll also need to submit a Notice of Intent to Claim form with your super fund.
2. Catch up on missed contributions with the carry-forward rule
If you’ve made less than the annual concessional contributions cap in the past 5 years, you may be able to contribute more this year using the carry-forward rule.
This is particularly useful if you’ve had a windfall or a higher-income year.
To be eligible, your total super balance must be under $500,000 as at 30 June of the previous financial year. Find out more about how it works here.
3. Top up your partner’s super and get a tax offset
Contributing to your spouse’s super isn’t just a nice gesture; it could also save you tax.
If your partner earns under $40,000, and you contribute at least $3,000 into their super:
- You may be eligible for a tax offset of up to $540
- Your partner’s retirement savings get a healthy top up
More details and eligibility criteria are available in the ATO’s spouse contributions guide.
4. Get free money from the government (really)
If you earn less than $60,400 in the 2024-25 financial year and make a non-deductible after-tax contribution to your super, you could be eligible for a government co-contribution of up to $500.
No need to apply, if you're eligible (and there is a range of eligibility criteria to address) and lodge a tax return, the ATO will take care of the rest. Use the ATO co-contribution calculator to see what you could receive.
5. Check you’ve got all your Super Guarantee contributions
It's not uncommon for super payments to fall through the cracks, especially if your employer hasn’t updated their contribution rate. As of 1 July 2024, the Super Guarantee increased to 11.5%, and it will rise to 12% from 1 July 2025.
Log in to your super account and check your contributions match your payslips. If something’s missing, speak to your employer or contact the ATO’s unpaid super team.
6. Consider salary sacrificing for next financial year
While it’s too late to make a difference this financial year, consider setting up salary sacrifice for the new financial year. This means a portion of your pre-tax income goes directly into your super, which should:
- Reduce your taxable income
- Grow your retirement savings
Not all employers are set up to offer salary sacrificing, so your first thing to do is check whether yours does. You can also find out more about salary sacrificing and contribution limits via the ATO’s salary sacrifice guide.
7. Consolidate to optimise your super
EOFY is a great time to:
- Consolidate multiple accounts to reduce fees
- Review your investment strategy – is it still appropriate for your age and goals?
- Check your insurance cover through super
- Update your beneficiaries – so your super goes where you want it to if something happens
You can consolidate using the ATO’s online service via myGov.
8. Make a fresh start in the new financial year
Once June 30 has passed, keep that momentum going:
- Set a calendar reminder to check your super every quarter
- Monitor your fund’s performance and fees – compare against SuperGuide’s super performance tables
- Look into getting financial advice or use online super tools to keep you informed
A little attention now means a better result later, plus you’ll avoid the last-minute EOFY scramble next year.
Feature image: iStock/Silvia Jansen
This article contains general information only. It is not financial advice and is not intended to influence readers’ decisions about any financial products or investments. Readers’ personal circumstances have not been taken into account and they should always seek their own professional financial and taxation advice that takes into account their financial circumstances, objectives and needs.
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