Your super end of financial year checklist
25 May 2026
With the end of the financial year approaching quickly, here are some important things to consider helping you to boost your super, if appropriate, prior to June 30.
Through the power of compound earnings, every dollar you contribute to your super may help you better fund your retirement savings. Our EOFY checklist, along with your financial adviser, will assist you in assessing whether you can make additional, voluntary contributions to super prior to June 30, and if so, whether that would be appropriate for you and the most effective way to do it.
First, it’s worth reminding ourselves of the contribution caps applicable to your super.
Non-concessional contributions
Those eligible to contribute can generally contribute up to $120,000 of contributions each tax year from your after-tax pay or savings. This is not subject to additional tax.
Concessional contributions
You can contribute a total of $30,000 in concessional contributions to your super each financial year at the lower tax rate of 15% for most people.
Carry forward unused concessional contribution cap amounts
The government allows you to carry-forward unused amounts of your concessional contribution cap from the previous five financial years, starting with the 2020-2021 year (2021-2022 from 1 July 2026). Your account balance must be less than $500,000 at the start of the financial year you utilise the rule.
Figures and thresholds above are current as of 20 April 2026.
Important note:
1. If the total of your combined income and concessional contributions is more than $250,000 per financial year, any concessional contributions over this threshold will be taxed at 30%. this extra 15% tax is often referred to as ‘Division 293 tax.
2. If your total superannuation savings exceeds 3 million dollars, a higher tax on earnings on any balance above 3 million dollars applies from 1 July 2026.
3. Before making any additional contributions, check your current contributions made for the current financial year, and allow for any other regular contributions to be made prior to 30 June 2026, so that any applicable caps are not exceeded. This is important as penalties can apply if the caps are exceeded.
Mercer Financial Advice has significant experience in the areas of wealth accumulation, investing, insurance, superannuation contributions and retirement strategies.
To find out more about how to make the most of your super contributions, download the end of financial year checklist, or speak to a financial adviser, contact us using the form below.