Super tips to help you prepare for tax time
Top up your super before EOFY, you could save on tax
Tips to make the most of your super before 30th June
As the end of the financial year approaches, so does tax season. It’s a busy time for all so starting preparations early can help reduce stress ahead of the 30th June deadline.
To help you prepare, Media Super shares five essential tips for navigating upcoming changes and exploring tax-effective ways to make your super works as hard as you do.
1. Check your contribution caps
Annual limits1 apply to how much you can put in your super across all your accounts. These limits cover both before-tax and after-tax contributions so make sure you’re not exceeding these caps with any additional contributions.
2. Contribute to your super in advance
Your contributions must reach your super fund by 30th June 2025 to count towards this financial year. Payments may take a few days to process so consider making your payment a few weeks in advance so you avoid missing out on any tax benefits or eligible government incentives.
3. Consider a tax-deductible contribution
It’s been a tough year for many but if you can, consider making a tax-deductible contribution. To do this, make an after-tax contribution and claim a tax deduction to treat it as a before-tax contribution.
This may lower your taxable income and reduce the tax you pay. These contributions are still taxed at 15%, which is potentially lower than your marginal tax rate (the highest tax rate you will pay on your income). It’s important to note that this will count towards your annual before-tax contributions cap1.
Learn more about claiming a tax deduction on personal contributions (PDF).
4. Consider an after-tax contribution for a government co-contribution
Individuals who’ve earned less than $60,400 this year may be eligible for a government co-contribution (PDF) of up to $500 in return for making an after-tax contribution personally or with support from a family member.
5. Super Guarantee (SG) rate rises to 12% on 1 July 2025
All employers are legally required to increase the SG rate from 11.5% to 12% in the new financial year. The right to super is a minimum entitlement for all employees.
Register for a webinar to learn how to boost your super before EOFY
Media Super will be running a series of webinars from now till 12th June with tips on how to boost your super and save on tax. These sessions are run at no extra cost to members and are great opportunities to have your questions answered.
1 The key contribution caps for FY2024–25 are $30,000 for concessional (before-tax) contributions and $120,000 for non-concessional (after-tax) contributions.
This information is about Media Super. It doesn’t account for your specific needs. Please consider your financial position, objectives and requirements before making financial decisions. Read the relevant Product Disclosure Statement (PDS) and Target Market Determination to decide what’s right for you. Contact us or visit mediasuper.com.au.
United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 offering Media Super products (Media Super).
We're here to help
Tax time can be stressful but it can be made easier with a bit of extra knowledge and early planning. And if you need help, just give us a call.