20 May 2024 | Blog

Boost your superannuation before EOFY!


Don’t let the end of the financial year pass without maximising your superannuation! In this article, we’ll share five ways to enhance your super before EOFY and guide you through a five-step super health check to ensure your super is well-positioned for the coming financial year.

Five ways to increase your super contributions

  1. Make extra concessional (pre-tax) contributions
    Additional concessional contributions are taxed at only 15%, which can help lower your taxable income and direct more money towards your future. You can contribute up to $27,500 each year, including your employer’s 11% contribution.
  2. Catch up on unused concessional contributions
    If you haven’t utilised your concessional contributions in previous years and have a super balance under $500,000, you can ‘catch up’ with legislation allowing you to access unused caps from up to five years back.
  3. Use non-concessional (after-tax) contributions
    If you’re a low or middle-income earner, the government co-contribution scheme allows you to receive a bonus government contribution to your super when you add to it yourself. You can contribute up to $110,000 per year or even $330,000 if eligible for the ‘bring-forward’ rule.
  4. Support your spouse through super contributions
    If your partner has a lower income, contributing to their super can earn you a tax offset of up to $540 while enhancing your family’s combined retirement savings.
  5. Split concessional contributions with your spouse
    You can split up to 85% of your concessional contributions with your spouse, helping balance your super funds and possibly reducing future tax on super pensions, especially if one of you is on a career break or working part-time.

Five-step super health check

  1. Consolidate your super accounts
    Multiple accounts often mean extra fees eating into your retirement savings. Use the ATO’s online services to find and consolidate any lost super accounts.
  2. Review your investment strategy
    Ensure your investment strategy aligns with your risk appetite and retirement goals. Adjusting your investment mix could significantly impact your super’s growth over time.
  3. Examine your insurance
    Most super funds offer life, TPD, and income protection insurance. Review your coverage to ensure it meets your needs without excessively eroding your balance.
  4. Nominate a beneficiary
    Super is not automatically covered by your will, so nominate beneficiaries to ensure your superannuation goes where you intend.
  5. Update your personal information
    Keeping your details current ensures you receive important updates from your super fund.


Taking action with these ten tips will ensure you’re making the most of your superannuation and have it in great shape for the new financial year. If you’re struggling to keep up with your super and EOFY planning, book a consultation with a financial adviser. Your future self will be grateful for it!

The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial adviser to consider whether that is appropriate having regard to your own objectives, financial situation and needs.

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