Around this time on the calendar, I find myself talking about super. Typical in the month leading up to End of Financial year (EOFY) - 30 June in Australia.

Why? Because that’s when everyone suddenly realises the window to make the most of your tax via super contributions is closing for the current year. You can’t do it on 1 July.

In fact, you should aim to have this all done and dusted this week if you can, to allow some time for money movements and make sure you get all your paperwork in.

Here’s some ideas to consider before the end of the financial year, and please do get financial advice if you’re unsure what these would mean for you:

1. If you’re a ‘low’ income earner

…you could get some FREE MONEY from the government!

That’s right. Free money. Not to be sneezed at.

The government offers a co-contribution scheme into superannuation. If you make a voluntary after-tax contribution (the amount depends on your income threshold), the government will match up to 50 per cent of that contribution, up to $500.

Find all the details including eligibility criteria on the ATO website.

2. If you’re earning more than $18,200 a year

…you could contribute extra to give your super a boost.

Each year, we’re allowed to contribute a certain amount to our superannuation at the concessional rate of 15 per cent, up to a lifetime cap. This includes compulsory (employer) and voluntary contributions.

Given that you’ll be paying at least 16 per cent tax on every dollar over $18,200 in a year (the current tax-free threshold), maximising your contributions to the cap can be a way to get more money in your pocket. Eventually, anyway. Remember you can’t access superannuation till you reach your preservation age, unless something not ideal happens (e.g. financial hardship, terminal illness etc).

Even better, you can take up any caps that went unused in the previous five years on a rolling basis. So in FY25, you can take up unused contributions from FY20 to FY24.

Just note that your current year’s allocation is used first. As of FY25, that’s $30k a year. Once you’ve reached $30k, the oldest year’s unused allocation will be used up first - FY20 in this example.

How do you know how much unused contribution cap you have available?

• Log in at my.gov.au

• Click through to the ATO (or connect to the ATO first if you aren’t connected already)

• Go to Super > Information > Carry-forward concessional contributions

• Select the most recent financial year and expand to see what’s available in past years.

Note: if you’re not using single touch payroll (e.g. if you are a sole trader), the ATO’s system may not show accurate data. If you believe there’s an error in your data, you can check your records to see how much super you contributed in past years and take that away from the concessional cap, which was:

• $25,000 a year in FY20

• $27,500 a year in FY21 to FY24

• $30,000 a year from FY25.

(If you’re reading this after FY25, you can check the latest limits on the ATO’s page).

Next, decide if you want to take up any of that unused carry-forward contributions allowed.

For example, so far in FY25 I've got $66,535 carry-forward available. That means I could chuck a total of $96,535 into super at the 15 per cent tax rate.

Say my salary's $135k (it’s not, but for the purpose of this exercise, we’ll assume it):

As income, I'd pay ~$31,288 tax and have ~$101,012 left over.

If I took $45k as salary and put $90k into super, I'd pay ~$4,288 income tax and $13,500 on the super contributions, for a total of ~$17,788 tax paid.

That's a $13.5k improvement in how much money I keep.

Even if you’re not on high wages, this is especially attractive for those returning to work after long breaks from earning super. People (especially women) with young kids: I’m lookin’ at you!

If you do make a contribution, be sure to submit the paperwork to your superannuation fund so it gets counted properly in your concessional contributions. That’s the ‘Notice of intent to claim or vary a deduction for personal super contributions’ form. Otherwise, you may pay more tax than you need to.

Of course, putting money into superannuation isn’t a no-brainer.

The kicker is, most of my year's salary would be locked up in super. I can't access it unless I qualify for early release, i.e. I'm terminally ill, permanently disabled or meet financial hardship status, or I reach an age at which I'm allowed to get to it according to government rules.

You might have other priorities. Maybe you have a mortgage. Maybe you’re not sure if extra contributions are right for you, right now. This is a good time to get advice if you’re not sure, and be sure to read my ABC article on the topic.

Just remember that if you ask your super fund what you should do, they’ve got a vested interest in you putting more into your super 😉

3. If you have a spouse not earning much superannuation

…you may like to make a non-concessional contribution to them.

You don’t get the concessional rate at the time of contribution. But if you meet the eligibility criteria, you may get an 18 per cent tax offset up to $3,000 of contributions when you lodge your tax return. At least, last time I checked that’s how much it was. Find the most recent information on the ATO site.

And don’t forget super splitting can be an excellent long-term option for couples where one of the pair takes a career break. Something to consider setting up for next FY too.

4. If you have a child not earning much superannuation

…you may like to make a non-concessional contribution to them.

Again, you don’t get the concessional rate. But if doing some after-tax gifting or investing on their behalf was on your to-do list, this can be a way of achieving the same outcome. As long as you don’t mind locking up the money until they reach their preservation age, of course.

5. If you’re saving for your first home

…you might want to see if you qualify for the First Home Super Saver scheme.

Because you can only contribute $15,000 per financial year at the time of writing, you might like to take advantage of what you could contribute right now.

And while you’re looking at your superannuation, what a perfect time to…

6. See if your superannuation stacks up on fees and returns

The YourSuper comparison tool is brilliant for a pulse-check on whether you’re getting a good deal.

You can access it via the public tool or via my.gov.au to see the comparison using your last reported superannuation information.

If you’re not happy with the performance and fees of your fund, now’s the time to consider a move. Future You may thank you for the extra tens or hundreds of thousands of dollars in your super fund when you’re ready to retire.

And while you’re at it…

7. Is your super aligned with your values?

I got a shock recently when I realised my super was funding fossil fuels. Ewwwww.

I’ve written a blow-by-blow account of the investigating I’ve done and have since moved funds, along with my life and TPD insurance.

Setting up a new fund and rolling everything into it was much easier than the last time I did it. I could even do the non-lapsing binding death benefit nomination instantly online - no paperwork to print and sign. Thank you, technology!

Got other tips to share?

Please add a comment if you’ve got another great super idea to share with the Money School community 🙂