Your EOFY super game plan [#261]
What should you do with your super before the end of financial year?
Question:
What steps should Australians take with their superannuation before June 30 — and what changes should they prepare for from July 1?
Short answer:
With the financial year ending, it’s a key moment to review your super. According to Greg Elias (UniSuper), Australians should check how much they’ve already contributed, see if they have room under the $30,000 concessional cap (rising to $32,500 from July 1), and act early to ensure any extra contributions are received before fund cut-off dates. Regular strategies like salary sacrificing can help smooth contributions over time. From July 1, changes like payday super (more frequent employer contributions) and potential tax impacts for very high balances (Division 296) make it important to review your setup and stay aligned with long-term goals.
Why it matters:
Super is the primary retirement asset for most Australians, and small decisions at EOFY can have a meaningful impact on long-term wealth. Missing contribution deadlines could mean lost tax savings, while reacting emotionally to market volatility or legislative headlines can damage long-term outcomes. Taking a steady, proactive approach helps build retirement confidence, maximise tax efficiency, and avoid costly mistakes.
Sources:
• Greg Elias, senior private client advisor, UniSuper
• Tom Watson, senior journalist, Money Magazine
Timestamps:
00:01:44 EOFY super checklist: contributions, caps, and timing
00:05:35 Contribution caps explained ($30k → $32.5k)
00:06:18 Salary sacrificing and regular contributions
00:09:00 Division 296: who it affects and what to know
00:12:01 Payday super: what’s changing
00:15:03 Market volatility and long-term investing
00:18:40 Common EOFY mistakes (especially leaving it too late)
00:20:38 Final tips and wrap-up
Podcast Links:
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Email: podcast@moneymag.com.au
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