As the end of financial year approaches, many Australians start scrambling for receipts, tax deductions and last-minute financial decisions. But one of the most powerful areas to review before 30 June is your superannuation.

The right strategies implemented before EOFY can potentially improve your retirement savings, reduce tax and strengthen long-term financial security.

Here are some key areas worth reviewing.

1. Check Your Concessional Contribution Position

Concessional contributions include:

• employer SG contributions
• salary sacrifice contributions
• personal deductible contributions

For many Australians, these contributions are taxed at just 15% inside super, which can be significantly lower than personal marginal tax rates.

The general concessional contribution cap remains one of the most useful EOFY planning opportunities.

You may also be able to use unused concessional cap amounts from previous years under the carry-forward contribution rules if:

• your total super balance is below the relevant threshold, and
• you have unused cap space available.

This can create a valuable opportunity for higher-income years, business sales, bonuses or unusually strong cashflow years.

2. Consider a Personal Tax-Deductible Contribution

Many people still don’t realise they can personally contribute to super and potentially claim a tax deduction.

This can be particularly valuable for:

• self-employed Australians
• small business owners
• those with irregular income
• people who have sold investments or assets during the year
• employees wanting to top up contributions late in the year

Remember:

• the contribution must hit the super fund before 30 June
• a Notice of Intent to Claim form generally needs to be lodged and acknowledged before lodging your tax return

Timing matters. Super funds can take several days to process contributions.

3. Don’t Forget Spouse Contributions

EOFY can also be a good time to review family super balances.

Strategies may include:

• spouse contributions
• contribution splitting
• balancing retirement savings between partners

These strategies may assist with:

• future retirement flexibility
• estate planning
• transfer balance cap management
• tax outcomes over time

4. Government Co-Contributions Can Still Help

Lower and middle-income earners may be eligible for a government co-contribution when making a personal non-concessional contribution to super.

Even a relatively small contribution may trigger additional money from the government if eligibility requirements are met.

It is one of the few areas where the government may effectively reward proactive retirement savings behaviour.

5. Review Investment Options Inside Super

EOFY is also a useful reminder to review:

• investment options
• insurance inside super
• beneficiaries
• fees
• old duplicate accounts

Many Australians remain in default investment options for years without reviewing whether those options still suit their stage of life, risk tolerance or retirement goals.

Importantly, retirement may last 20–30 years or more.
Being “too conservative” too early can sometimes create its own long-term risks.

6. Small Business Owners Have Additional Opportunities

Small business owners may have access to additional contribution strategies linked to:

• business profits
• business sale proceeds
• CGT concessions
• trust distributions

These areas can become highly technical and often require coordinated tax and financial advice before implementation.

Pause and Consider

Before 30 June ask yourself:

• Have I fully used available super contribution opportunities?
• Am I paying unnecessary tax outside super?
• Is my super invested appropriately for my long-term goals?
• Have I reviewed insurance and beneficiaries recently?
• Would a contribution now improve my future retirement flexibility?

Final Thoughts

EOFY planning should not simply be about “doing something for tax”.

The best strategies are usually those that improve long-term financial position while also creating tax efficiency along the way.

Sometimes even relatively small actions before 30 June can create meaningful long-term differences over decades.

And occasionally, people discover through proper financial advice that retirement may actually be closer than they originally thought.  Contact the WPP Team today to book your next appointment.