As the End of Financial Year 2025 (EOFY) draws closer, now is the ideal time to review your financial positions, organise your records, and take advantage of any final opportunities to optimise your tax and super strategies.
Whether you’re an individual aiming to maximise deductions or a business owner preparing your accounts, proactive planning can help you enter the new financial year with greater confidence and control.
EOFY doesn’t need to be stressful. With good preparation, awareness of key deadlines, and a clear understanding of your options, you can make the most of this period and set yourself up for a stronger year ahead.
Every financial situation is unique, so it’s always wise to seek professional advice to ensure you’re meeting your obligations and making informed decisions.
Superannuation Contributions
Superannuation remains a powerful tool for tax-effective wealth building, and the end of financial year is the ideal time to review your contributions strategy.
Concessional Contributions (Before Tax)
The concessional (before-tax) contribution cap for the 2024-25 financial year is $30,000.
This includes:
- Employer Super Guarantee (SG) contributions (currently 11.5%, increasing to 12% in the 2025-26 financial year)
- Salary Sacrifice contributions
- Personal contributions you intend to claim as a tax deduction
Note: Check if your employer pays costs on your behalf to your fund, such as administration fees and insurance premiums. These amounts are included in your concessional contributions cap.
Important: Contributions must be received and cleared in your super fund by 30 June 2025 to be counted for this financial year. Some providers have earlier cut-off dates to ensure processing can be actioned.
Carry-Forward Contributions
If your super balance is under $500,000 on 30 June of the previous financial year, you may be eligible to carry forward unused concessional contributions from the past five years, potentially allowing you to contribute more and reduce your tax.
Non-Concessional (After-Tax) Contributions
From 1 July 2024, the non-concessional (after-tax) contributions cap is $120,000 per year. If you contribute more than this in a single financial year and are eligible, the bring-forward rule is automatically triggered. This allows you to contribute up to three times the annual cap ($360,000) over a three-year period.
You can use the full amount in the first year or spread it over the three years. As long as you stay within the bring-forward limit, no extra tax applies.
✔️ Check your super balance and prior contributions before making any large after-tax contributions.
Note: In some cases, depending on your age, you will also need to meet a work test to make a super contribution.
Minimum Pension Withdrawals
If you’re already drawing a pension from your super fund, make sure you’ve met the minimum pension withdrawal required for 2024-25 financial year. The required amount depends on your age and your pension account balance as of 1 July 2024.
If you’re unsure of your minimum amount, contact your fund or adviser for guidance.
Downsizer Contributions
If you’re aged 55 and over, you may be eligible to contribute up to $300,000 (or $600,000 per couple) into your super fund following the sale of your home.
Key Points:
- This contribution does not count towards your concessional or non-concessional caps
- It may affect your Age Pension eligibility, as the funds are assessed under the assets test once added to super
Downsizer contributions can be a smart way to boost retirement savings, but it’s important to consider timing, eligibility, and Centrelink implications.
Final Reminder
With 30 June fast approaching, now is the time to review your superannuation strategy, assess your tax positions, and implement any final steps for the 2024-25 financial year.
Need support or clarification?
Our team is here to help with tailored advice to make the most of your end-of-year planning.
