EOFY Checklist: Key Super Strategies to Consider Before 30 June

As the end of the financial year approaches, it’s a timely opportunity to review your finances and ensure you’ve taken advantage of key superannuation strategies. Many financial planning strategies are contingent on caps that revolve around 30 June, so reviewing your options now can help you optimise your tax outcomes and strengthen your long-term financial position. From maximising contributions to managing pensions, there are several key actions that may be worth considering.

Maximise your super contributions

Concessional contributions

These are pre-tax contributions that reduce your taxable income and, in turn, provide tax savings. Individuals may be able to contribute up to $30,000 in the 2024–25 financial year, provided select eligibility criteria are satisfied. For certain individuals, additional ‘catch-up’ contributions may also be available (discussed further here).

If you’re making a personal contribution, remember to complete a ‘Notice of intent to claim a deduction’ form. While this form doesn’t need to be submitted before 30 June, it must be lodged with your super fund before you file the tax return in which the contribution is claimed as a deduction.

Non-concessional contributions

You may also be eligible to contribute up to $120,000 in non-concessional contributions, or up to $360,000 using the bring-forward rule (subject to eligibility criteria and discussed further here). These larger contribution limits can be a powerful way to grow your retirement savings.

Explore spouse and family contributions

Spouse contributions

If your spouse is not working or earns a low income, you may be able to contribute to their super and receive a tax offset of up to $540. This strategy not only supports your partner’s retirement savings but can also provide a tax offset (eligibility criteria).

Government co-contributions

For low-income earners, including adult children or non-working spouses, a personal contribution of up to $1,000 can lead to a government co-contribution of up to $500. This is a useful way to boost super balances for family members who may not be able to contribute themselves. The government deposits the co-contribution automatically to the recipient’s nominated super fund (subject to eligibility criteria).

Contribution splitting

You may also consider splitting up to 85% of last year’s (2023–24) concessional contributions with your spouse (eligibility criteria). The paperwork to facilitate this strategy must be submitted prior to 30 June. This can help equalise super balances between partners and may provide tax and estate planning flexibility (discussed further here).

Organising your pensions

Minimum pensions

If you’re drawing a pension from your super, ensure you’ve met the minimum pension withdrawal requirements for the financial year. If you’ve been withdrawing regularly but haven’t yet reached the minimum, you’ll need to withdraw the shortfall before 30 June.

Commencing pensions

If you are considering commencing a new pension, it is important to note that the Transfer Balance Cap—which governs the maximum value of assets that can be held in the tax-free retirement phase of super—is being indexed to $2 million on 1 July 2025. Individuals will receive the indexation of $100,000 from the current limit of $1.9 million, depending on the portion of the cap that is currently used. Therefore, delaying the commencement of a pension until July may allow for an additional $100,000 to be held in the pension phase.

Overview

The end of the financial year is a valuable checkpoint to ensure your superannuation strategy is on track. While some of the strategies noted may already be in place, reviewing your position now can help you avoid missed opportunities, manage tax, and build wealth. An Evans and Partners financial adviser can provide personalised guidance on the various contribution types, pension considerations, and key eligibility criteria to be aware of.