Your five-point super plan for EOFY

Sydney Morning Herald

10-06-2025

'If you're paying 30 per cent tax or higher, you may want to consider salary sacrificing or a personal super contribution,' Cross says.
'You'll likely save on your tax by getting contributions taxed at just 15 per cent in super instead of your marginal rate.
'If you're in a lower tax bracket, after-tax contributions might be more effective, especially if you're eligible for government co-contributions.'
You'll also need to look at how much of your $30,000 concessional contribution cap you've already used this year, including your employer's contributions.
You may be able to use unused cap space from the previous five years to make a larger concessional contribution this year.
After-tax contributions allow you to place larger amounts into super.
'You can choose to use a combination of concessional and after-tax contributions up to the limits allowed,' Cross says. 'What is most advantageous for you will depend on your personal situation.'
What are some common EOFY mistakes?
One of the most common EOFY mistakes, Cross says, is failing to lodge a notice of intent to claim a deduction.
'If you make a personal contribution and want to claim a tax deduction, you must submit a formal notice to your fund before lodging your tax return.'
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Exceeding the $30,000 concessional contribution cap is another mistake – and can be a costly one. 'Exceeding the cap can lead to additional tax and charges,' Cross says.
Not taking advantage of the carry-forward rules and not taking advantage of government initiatives are also common errors.
'There are several government incentives that you could consider, like the government co-contribution, spouse contribution tax offset, and the low-income super tax offset... it's worth exploring to see how you might be able to benefit.'
Super goals for the next financial year
If you want to make next financial year a prosperous one for your super, Cross recommends a five-point plan:
Seek expert advice and engage with your super fund. 'This can lead to higher super balances, better investment outcomes, and more financial security in the longer term.'
Boost your super with voluntary contributions. 'You can stop and start whenever it suits and adjust how much you contribute based on your circumstances.'
Review and update your nominated beneficiaries. ' Make sure your nominated beneficiaries are up to date and correctly recorded with your super fund.'
Check how your super is invested. 'It's worth checking whether your current mix aligns with your stage of life, financial goals and comfort with risk.'
Consolidate. 'If you have multiple super accounts, consolidating them could help you save on fees and boost your retirement savings. Before making the move, think about potential impacts like losing insurance cover from another fund, how it might affect your investment strategy, and any tax implications.'
Elkins says it's important to engage with super and take action, rather than just assume your super will look after itself.
'The default settings we have in this country, like the compulsory superannuation guarantee and MySuper are fantastic – they are the envy of the world,' she says.
'But they can create that 'she'll be right, mate' attitude, and can stop people from engaging and doing a little bit of work to think: am I maximising my opportunities?'