In this guide
- 1. Check your caps
- 2. Get your contributions in before 30 June
- 3. Consider making a tax-deductible super contribution
- 4. Consider making a non-concessional contribution
- 5. Employers: Get ready for a new super guarantee (SG) rate
- 6. Boost your spouse’s super balance
- 7. Get your salary-sacrifice arrangement ready
- 8. Confirm your super income stream payments
With 30 June fast approaching, the sooner you start your end-of-financial-year preparations the better. That way, when the big day arrives, you'll be prepared and not rushing to make last-minute super contributions or find missing documents.
To help ensure you’ve maximised the available benefits and opportunities that come with super, and are prepared for the year ahead, here are SuperGuide’s top tips for the end of financial year (EOFY).
1. Check your caps
There are annual caps on how much you can put into your super account, so it’s essential to monitor the total amount of both your concessional (before-tax) and non-concessional (after-tax) contributions across all your super accounts, particularly if you’re considering making a pre-30 June contribution.
It’s important to check whether any payments intended for the previous financial year slipped into this financial year to ensure you don’t breach a cap.
Need to know
The key contribution caps for 2023–24 are $27,500 for concessional (before-tax) contributions and $110,000 for non-concessional (after-tax) contributions. For 2024–25, these caps increase to $30,000 and $120,000 respectively.
If your total super balance was $1.9 million or more on 30 June, your non-concessional cap is zero for the following financial year. A high balance does not affect your concessional cap.
Don’t forget your concessional contributions include all your employer’s super guarantee (SG) contributions, salary-sacrifice amounts and any personal contributions for which you plan to claim a tax deduction.
