Tips to boost your super this EOFY

The end of the financial year is close, so now could be a good time to add to your super¹ and potentially save on tax.

It’s good to know that when you make extra payments, your super can benefit from compounding investment returns over the long term. Here are some of the ways you could grow your super and reduce tax.

Before-tax contributions

Also known as concessional contributions or salary sacrifice, before tax contributions are when you add to your super from your before-tax pay. This is in addition to the 11.5% superannuation guarantee (SG) your employer pays into your account, and any extra contributions your employer makes. Keep in mind, the SG will increase to 12% on 1 July 2025. Making a before-tax contribution could reduce the amount of income tax you pay.

After-tax contributions

After-tax contributions are when you add to your super with money you’ve already paid tax on. Also known as non-concessional contributions, these could be from your after-tax salary, an inheritance or a tax refund. Making after-tax contributions can potentially reduce the tax you pay when they’re claimed as deductions.

Spouse contributions

These are contributions you make on behalf of your partner using your after-tax income. Depending on how much your partner earns, adding to their super before the end of financial year can help boost retirement savings for your partner and you could also save on tax.
Learn more at Grow your super | AustralianSuper

¹Before adding to your super, consider your financial circumstances, eligibility, contribution caps that may apply, tax issues and when your super can be accessed. We recommend you consider seeking financial advice.
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Any general advice provided in this article is provided under the AFSL held by AustralianSuper, it does not take into account your personal objectives, financial situation or needs. Before making a decision, consider if the information is right for you and refer to the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.