EOFY Is Closer Than You Think. Is Your Super Ready?
EOFY Is Closer Than You Think. Is Your Super Ready?
For anyone in their 50s or 60s, the end of the financial year isn't just a date on the calendar. It's one of the most valuable opportunities of the year to meaningfully strengthen your retirement position, and with 30 June approaching, the window to act is narrowing.
The right moves made now can have a lasting impact on the lifestyle your super is able to support. Here's what's worth knowing before the financial year closes.
The Contribution Caps for 2025/26
This financial year, the concessional (before-tax) contributions cap is $30,000. This includes your employer's Superannuation Guarantee contributions, any salary sacrifice arrangements, and personal contributions you intend to claim as a tax deduction.
The non-concessional (after-tax) contributions cap is $120,000. These are contributions made from money you've already paid tax on, and they won't be taxed again when they enter your fund.
Both caps are set to rise from 1 July 2026, so the current financial year represents the last opportunity to contribute under these specific thresholds.
If you're unsure how much you've contributed so far this year, your super fund's online portal or your MyGov account will show your year-to-date figure.
The Carry-Forward Rule: A Strategy Worth Exploring
If your total super balance is below $500,000, you may be able to carry forward any unused concessional cap space from the previous five financial years and contribute it as a lump sum before 30 June.
For many people in their 50s, this can add up to a meaningful amount. Perhaps you took time away from the workforce, built your own business, or simply didn't maximise contributions in earlier years. The carry-forward rule exists to help you make up for those gaps in a tax-effective way.
It's also worth knowing that unused concessional cap amounts from the 2020/21 financial year will expire after 30 June 2026. If that unused space applies to you, this is the last opportunity to access it.
Why This Matters More as You Approach Retirement
As retirement draws closer, the size of each contribution carries more weight. With a shorter runway to grow your balance, making the most of every available opportunity becomes increasingly important.
There's also a genuine tax advantage worth considering. Concessional contributions are taxed at just 15% inside super, which for most people in this stage of life represents a significant saving compared to their marginal income tax rate.
A thoughtful contribution strategy before 30 June can make a real and lasting difference to your retirement outlook.
A Few Things to Keep in Mind
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Contributions need to be received and cleared by your fund before 30 June to count toward this financial year. It's always wise to allow a few business days and avoid leaving it to the last moment.
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If you plan to claim a personal contribution as a tax deduction, you'll need to lodge a Notice of Intent to Claim a Deduction with your fund before submitting your tax return.
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The rules around eligibility, caps, and carry-forward amounts vary depending on your individual circumstances. Taking the time to understand what applies to you before acting is always the right approach.
The Value of Getting It Right
EOFY super strategies aren't one-size-fits-all. The right approach depends on your balance, your income, your stage of life, and the retirement you're working toward. What makes sense for one person may not be the best path for another.
That's where genuinely tailored advice makes all the difference. Having someone in your corner who understands your full picture, and can help you make decisions with confidence, is one of the most valuable things you can do for your financial future.
If you have questions about super, retirement planning, or any area of your financial life, the DolFinwise team is always happy to have a conversation.
📞 (07) 3832 5777 📧 admin@dolfinwise.com.au
