As 30 June approaches, many Australians begin turning their attention to financial housekeeping. But beyond the usual tasks of gathering documents or reconciling records, the end of financial year can be a valuable time to review your financial arrangements, revisit your superannuation strategy, and ensure you’re on track with your long-term goals.
Whether you’re employed, self-employed, planning for retirement or supporting a partner, EOFY is a timely opportunity to reflect and prepare. Here are some of the key opportunities to consider.
1. Contribute More to Super and Reduce Tax
You may be able to contribute more to superannuation than you think. This financial year, concessional and non-concessional contribution thresholds are higher, meaning you can invest additional funds into your super and potentially receive a tax benefit.
- Concessional contributions include employer contributions and salary sacrifice, up to a limit of $30,000 this year.
- If your super balance was under $500,000 as at 30 June 2024, you may also be able to make catch-up concessional contributions, using any unused cap amounts from the past five years.
- Non-concessional contributions (after-tax money) have a higher threshold of $120,000, and in some cases, you may be eligible to ‘bring forward’ up to three years’ worth.
These contributions can be an effective way to offset capital gains made during the year, for example from selling property or investments, while also building long-term wealth in a tax-effective environment.
2. Explore Smart Superannuation Strategies for Couples
EOFY is also an opportunity to even out super balances between partners and plan more effectively as a household.
- Spouse contributions may help build your partner’s balance while providing a tax offset for you.
- Contribution splitting allows one partner to transfer some of their concessional contributions to the other, helping equalise balances and potentially boost eligibility to a higher combined level of tax free pensions from super.
These strategies are especially useful where there’s a significant difference in super balances between partners—or when one partner has taken time out of the workforce.
3. Consider Estate Planning Within Super
If you’re approaching or in retirement, EOFY may be a useful time to review how your super is structured from an estate planning perspective.
For example, a ‘withdrawal and re-contribution’ strategy can be used (up to age 75) to improve how benefits are taxed upon death, ensuring your beneficiaries receive more of your legacy.
Additionally, if you’re looking to start a retirement income stream, it may be beneficial to wait until after 30 June to take advantage of the increased transfer balance cap from 1 July. This can provide more room to commence a tax-free pension.
4. Unlock Government Incentives
Some Australians may be eligible for a Government Co-contribution, depending on their income level. This incentive provides up to $500 in additional contributions for eligible individuals who make a personal (non-concessional) contribution.
While the benefit may seem modest, these types of incentives can compound significantly over time, especially for younger individuals or those new to the workforce.
Why Acting Before 30 June Matters
EOFY opportunities are time-sensitive. If you wait too long, you risk:
- Missing the chance to reduce your taxable income this year
- Losing the ability to make catch-up contributions
- Failing to optimise estate planning outcomes
- Letting another year pass without making the most of available caps
Every year you delay is a year of potential compound growth lost. These strategies don’t just impact today—they shape your financial future and legacy.
Final Thoughts: Small Steps, Big Impact
EOFY isn’t just a time for your accountant—it’s a time to step back and reflect on what financial strategies could serve you now and in the future. Many of the most powerful financial moves are small, consistent, and well-timed.
If you’re unsure what applies to your situation—or what’s changed since last year—we’re here to help.
📞 Contact Stratus today to review your super contributions, explore tax-saving strategies, and ensure you’re making the most of EOFY opportunities.
📩 Know someone who could benefit from EOFY planning? Share this article with them. One conversation now could make all the difference.
Stratus Financial Group and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. This is general advice only and does not take into account your objectives, financial situation, or needs, so you should consider whether the advice is relevant to your circumstances. Read the relevant Product Disclosure Statements (PDS) before making any financial decisions.