How to Maximise your Superannuation by 30 June 2025
Maximising your superannuation by 30 June 2025 can significantly boost your retirement savings and reduce your tax bill. Here's a practical guide to help you take advantage of the rules and strategies available before the EOFY deadline:
The concessional contributions cap for the 2025 financial year is $30,000.
The non-concessional contributions cap is $120,000 for the 2025 financial year. Until 30 June 2025, this will remain available to individuals between 67 and 74 years if their total superannuation balance is below $1.9m at the end of June of the previous financial year.
You may also consider triggering the bring-forward arrangement. This allows you to bring forward the equivalent of 1 or 2 years of your annual cap from future years. This means you can make contributions up to 2 or 3 times the annual cap amount in the first year of the bring-forward period. Any amount of the bring-forward cap that's unused in the first year can be used in the remaining 1 or 2 years. Eligibility for the bring-forward arrangement depends on your age and your total super balance.
Use the Carry-Forward Concessional Contributions Rule
From 1 July 2018, if you have a total super balance of less than $500,000 on 30 June of the previous financial year, you will be able to carry forward your unused concessional contributions cap from the last 5 years.
Unused cap amounts can be carried forward for up to five years. An example of how the unused cap amounts carry forward is:
Please contact your adviser if you wish to discuss the superannuation catchup further. After 30 June 2025 any unused concessional contributions for the 2020 financial year will be lost.
5. Government Co-Contribution (for Low/Modest Incomes)
If you earn under $58,445 and make after-tax contributions of up to $1,000, the government may contribute up to $500. As long as you make the contribution and lodge your tax return — the ATO will handle the rest if you're eligible.
6. Spouse Contributions
If your spouse earns under $40,000 (including fringe benefits and reportable employer super contributions), you can contribute to their super and receive a tax offset of up to $540.
You will need to make a non-concessional contribution to their super before 30 June and claim the offset in your return.
Please ensure your contribution is received by the superannuation fund before 30 June 2025. Contributions to an industry or retail superannuation fund should be paid before 21 June 2025 to ensure deductibility for the year ending 30 June 2025.
Superannuation strategies can be powerful but complex. Ensure your super investments align with your risk tolerance and retirement timeline. Please contact us to discuss these contributions options for you.