As we approach 30 June, many Australians turn their attention to tidying up their finances before the end of the financial year. While this may sound like a job for your accountant, it’s also a valuable time to check in on your superannuation, your estate planning arrangements, and your overall wealth strategy.
With just weeks to go, there are still practical opportunities to boost your super, minimise tax, and ensure your long-term intentions are correctly documented.
1. Boost Your Super Through Tax-Deductible Contributions
For those eligible, making a personal concessional (pre-tax) contribution to super is one of the most effective ways to optimise taxable income while building long-term wealth. This may be particularly beneficial if you’ve had a higher-income year or received a capital gain.
The concessional contribution cap for 2024–25 is $30,000, which includes employer contributions such as SG (11.5%) and salary sacrifice. If you make a personal contribution, be sure to:
- Submit a valid Notice of Intent to Claim a Deduction to your fund, and
- Receive written acknowledgement before lodging your tax return.
2. Use Any Unused Concessional Contributions from Prior Years
If your total super balance was under $500,000 on 30 June last financial year, you may be eligible to use the carry-forward rule, allowing you to make extra concessional contributions this year by utilising unused cap amounts from the past five years.
This can be an effective strategy for individuals who have recently returned to the workforce or sold an asset and are looking to offset taxable income.
3. Consider Non-Concessional and Spouse Contributions
If you’re looking to boost your super beyond the concessional cap, non-concessional (after-tax) contributions may be appropriate. The cap for 2024–25 is $120,000 per year, or up to $360,000 over three years using the bring-forward rule (subject to your total super balance).
Two other strategies to consider before EOFY:
Government Co-Contribution
If you’re a lower-income earner, the government may match your after-tax super contribution with a co-contribution of up to $500. To be eligible in 2024–25, you must:
- Earn less than $60,400, with the full benefit for incomes under $45,400,
- Make a personal after-tax contribution (not claimed as a deduction),
- Be under age 71 on 30 June 2025,
- Have a total super balance under $1.7 million on 30 June 2024, and
- Satisfy other income and employment criteria.
Spouse Contributions
If your spouse earns less than $37,000, you may receive a tax offset of up to $540 for contributing $3,000 to their super. The offset phases out once their income exceeds $40,000. This strategy helps grow your household super and may support early retirement planning or Age Pension eligibility in the future.
4. Don’t Overlook Estate Planning Within Super
Superannuation is not automatically covered by your Will. To ensure your super is distributed according to your wishes, make sure you’ve reviewed:
- Binding Death Benefit Nominations – These must be valid and current to be effective.
- Reversionary Pensions – These allow your pension to continue to a spouse or dependant upon your passing.
There are strict rules about who can receive your super death benefit and whether it will be tax-free, so if you’re uncertain about your current arrangements, this is a key area to review with your adviser.
5. Be Aware: 20% Reduction in HELP Debt Coming
In a welcome cost-of-living relief initiative, the government has announced a one-off 20% reduction to all outstanding HELP (student loan) debts, effective 1 June 2025.
This automatic reduction will apply before indexation is applied, meaning your loan will shrink more than expected.
For example, someone with a $27,600 HELP debt will see $5,520 wiped. This reform benefits more than 3 million Australians and could result in more take-home pay and greater financial flexibility heading into the new financial year.
Why This Matters
These EOFY opportunities can have a lasting impact on your financial position—yet they are often missed due to time pressure or lack of clarity around eligibility.
The risks of inaction include:
- Missing out on valuable tax deductions
- Allowing unused contribution caps to expire
- Having your super or pension distributed in a way that doesn’t reflect your intentions
Superannuation and tax rules are complex, and the right strategy depends on your broader financial circumstances. However, taking time to act before EOFY could help you end the year in a stronger position.
Next Steps to Maximise Your EOFY 2025 Strategy
At Moiler Wealth, we help busy professionals and business owners make confident, timely decisions that support their long-term financial goals. If you’d like to review your EOFY strategy—including super contributions, estate planning arrangements, or tax-effective contributions—now is the time to act.
Contact us today to schedule a discussion before 30 June.
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Disclaimer: The advice provided here is general in nature only as, in preparing it we did not take account of your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
Ian Moiler Pty Ltd (Moiler Wealth) is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange.
