Supercharge your Super before the clock strikes EOFY!

EOFY can have a tendency of creeping up on you… The calendar ticks over to 1 June, suddenly, your inbox is bombarded with EOFY sales, and you’re left thinking ‘Where has this year gone, it feels like Christmas was only yesterday!’.

Then you remember the superannuation tasks you’ve been putting off. If this sounds familiar, then keep reading for our top ten tips to making the most of your superannuation before EOFY. 

Let’s get started with – Five ways to boost your Super with contributions

  1. Consider additional Concessional Contributions (Pre-Tax Contributions)

Why? Because these contributions are taxed at just 15%, potentially lowering your taxable income. It’s like giving less to the taxman and more to future you!

You’re allowed up to $27,500 annually, including your employer’s 11% contribution. However, there is one exception to this…

  1. Catch-up on Unused Concessional Contributions

If you haven’t maxed out your concessional contributions from previous years, legislation now allows you to make ‘catch-up’ contributions if your super balance is under $500,000.

Look back up to five years to see if you’ve got unused caps you can access.

  1. Take Advantage of Non-Concessional Contributions (After-Tax Contributions)

If you’re a low- or middle-income earner, the government co-contribution scheme is a great way for you to contribute to superannuation personally AND get a little bonus top up from the government.

It’s also a great way to add larger amounts to super, because you’re allowed to contribute up to $110,000 per year (or $330,000 if you are eligible to ‘bring forward’ future contributions). 

  1. Sharing the Super love with Spouse Contributions

If your partner’s income is on the lower side, contributing to their super could earn you a tax offset of up to $540.

It’s a win-win: you help increase your family’s total super savings while scoring a tax perk for yourself.

  1. Or consider Contribution Splitting with your Significant Other

You may be able to split up to 85% of your concessional super contributions with your spouse.

This strategy can help even out your super balances, potentially reducing the tax paid on super pensions in the future. It’s a smart move, especially if one of you is taking a career break or working part-time.


Now that we’ve covered off on making contributions to superannuation, let’s keep the momentum going with a – Five Step Super Health Check

  1. Check… that your Super is consolidated

Multiple accounts mean multiple fees, eating into your retirement savings. Use the ATO’s online services to track down lost super and consolidate your accounts easily.

Important Note – Make sure to check your insurance status before completing any consolidation!

  1. Check… how you are invested

Your super’s investment strategy should match your risk tolerance and retirement goals. Are you too conservative? Or too aggressive?

EOFY is a perfect time to review your investment options. Adjusting your investment mix can significantly impact your super’s growth over time.

  1. Check… what insurance you have

Most super funds offer life, total and permanent disability, and income protection insurance. Review your insurance needs before EOFY to ensure you’re adequately covered without eroding your super balance unnecessarily.

  1. Check… to make sure you have a beneficiary nomination

Super isn’t automatically covered by your Will, so nominate your beneficiaries to ensure your super goes to your loved ones as intended.

  1. Check… your details to make sure they’re up to date

This will ensure you’re kept up to date with important information from your super fund. 


By taking action on these ten tips, you can feel confident knowing that you’ve made those most of your super for the financial year, and that it’s in tip top shape for the year ahead!


Alternatively, if you’ve gotten this far and are still stuck thinking about what happened to February (like seriously… does anyone actually remember February, or March for that matter?), then book in with a member of the Sciacca’s team today and take the hassle out of your EOFY planning.
It’s an investment your future self will thank you for!

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