Your super end of financial year checklist
26 May 2025
With the end of the financial year approaching quickly, here are some important things to consider helping you to boost your super prior to June 30.
Through the power of compound earnings, every dollar you contribute to your super will help you to live the retirement you dream of. Our EOFY checklist, along with your financial adviser, will assist you in assessing the most effective ways to contribute to super leading up to June 30.
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 2019-2020 year (2020-2021 from 1 July 2025). 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 21 May 2025.
* 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.
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.