The EOFY Super Tips Everyone Needs

As the end of the financial year (EOFY) approaches, superannuation becomes a hot topic, especially for those looking to maximise contributions and reduce their tax bill. Recently, on ABC Radio Melbourne and Victoria, host Lisa Leong sat down with superannuation expert Marco Mellado to unpack what you should be thinking about in these final crucial weeks of June.

Here’s what you need to know.

Timing Is Everything

Marco explained that EOFY is an intense period for financial planners. “We can’t start in April or May,” he said. “We’ve got to wait until June to have a full picture of client contributions and then move quickly in those last two or three weeks.”

So if you’re thinking of making additional contributions to your super, now is the time to act.

Should You Make a Super Contribution?

The answer: Maybe, but it depends on your circumstances.

If you have available cash and are eligible to claim a tax deduction, contributing to your super can be a great strategy. The general cap for concessional (pre-tax) contributions is $30,000 for the 2024–25 financial year.

But here’s the catch: you need to check how much has already been contributed on your behalf, typically by your employer or through salary sacrifice. You can do this via your super fund or through your myGov account.

Whatever gap remains between your total contributions and the $30,000 cap is the maximum you can top up. And yes, it must be received by your super fund on time.

Watch the Deadline

Many people mistakenly think they have until June 30 to make contributions. In reality, some super funds require them by mid to late June often as early as the 23rd. This is because they need time to process incoming funds, especially during this busy period.

Different methods of payment like EFT, BPAY, or even cheque can take different amounts of time to clear. Always check with your fund to confirm their cut-off.

Don’t Forget the Paperwork

Once your contribution is in, you’ll also need to complete a Notice of Intent to Claim form if you want to claim a tax deduction. The good news? That form doesn’t need to be submitted by June 30. But it does need to be lodged before you lodge your tax return or start withdrawing your super.

Inheritances and Super: A Moment to Get Advice

Marco pointed out that inheritance is what financial planners call a “trigger event.” It’s a moment where financial advice is crucial because you’ll need to weigh up options like paying off debt, investing, or contributing to super.

Working Later in Life? Know the Rules

A listener asked if they could still get tax relief on contributions at age 68. The answer is yes if you meet the work test. That means working 40 hours over a 30-day period during the financial year.

Helpful Tools: Super Calculators

If you’re unsure how much you can top up, there are calculators available on most superannuation websites that can help you estimate your limit based on your salary and contributions to date.

Final Tips from Marco

• Check your current contributions via your fund or myGov.

• Contact your super fund to confirm their contribution deadlines.

• Submit your contribution early—not just by June 30.

• Complete the Notice of Intent to Claim before your tax return.

• Seek advice for major financial changes like inheritances or retirement.

EOFY can be stressful, but with the right planning and action, it’s also a golden opportunity to boost your super and improve your financial future. As Marco put it: “It’s one of those moments where good advice can really pay off.”