End of Financial Year Super Contributions:
How to Maximise Your Retirement Savings Before June 30

As the end of the financial year approaches, it’s essential to review your superannuation position and consider whether you’ve maximised your contribution opportunities before June 30. You can assess your current strategy, identify unused caps, and ensure that your super works the best for your long-term retirement goals.

Below, we outline key considerations to help you review and approach your super contributions with clarity.

For the 2024 – 25 Financial Year, concessional (before-tax) contributions are capped at $30,000. Before thinking about what else to contribute, start by reviewing what’s already gone in. This includes,

• Employer contributions (Super Guarantee)
• Salary sacrifice arrangements
• Any personal super contributions you’ve made

The current Super Guarantee rate is 11.5%, meaning most employees will receive contributions equal to 11.5% of their ordinary earnings from their employer. These form part of your concessional cap. This rate will increase to 12% from 1 July2025.

What we often find is that people assume their employer contributions have used up their cap. However, in many cases, there’s still room to contribute more, especially if you’re trying to reduce taxable income or boost retirement savings.

If your total super balance was below $500,000 as of 30 June 2024, you may be eligible to use unused concessional cap amounts from the previous five financial years.

This can be a powerful strategy for those with variable income, career breaks, or business owners who’ve had lumpy earnings and want to boost their contributions during strong years.

One key point to note is that any unused cap from 2019–20 will expire on 30 June 2025. Therefore, if you’re eligible, this is the final year to take advantage of that year’s shortfall.

The cap for non-concessional (after-tax) contributions has increased to $120,000 for this financial year. If your total super balance was under $1.9 million on 30 June 2024, you may also be able to contribute up to $360,000 in a single year by using the bring-forward rule.

What we often find is that individuals overlook this option, either assuming they’re over the limit or unsure if it applies to them. But in many cases, there’s an unused opportunity here, particularly if the bring-forward rule hasn’t already been triggered or if you’re planning to shift personal savings into super.

Before contributing, it’s important to check with your accountant if:

• Your total super balance as of 30 June 2024
• You’ve previously activated the bring-forward rule
• This contribution fits your broader retirement and cash flow strategy

One of the most underused opportunities we see is the downsizer contribution.

If you’re 55 or older and have sold your family home, you may be able to contribute up to $300,000 of the sale proceeds into super (and that’s per person, not per couple). Your existing caps or super balance doesn’t limit this contribution.

It’s a rare chance to shift a portion of your wealth into the tax-effective environment of super, especially if you’re not working or have already used your annual caps.

What matters most here is timing. The window to contribute is short (within 90 days of settlement), and missing it can close off the opportunity entirely.

If you have reached pension age and meet a condition of release, you can begin an account-based pension. With the transfer balance cap set to rise from $1.9 million to $2 million on 1 July 2025, deferring your pension start until after this date can allow more of your superannuation to benefit from tax-free treatment.

While EOFY is a useful point to take action, we see real value in treating super as an ongoing strategy, not a year-by-year task. If you’re thinking about how your decisions now support the years ahead, it’s a good time to review with your accountant.