3 easy actions for the EOFY

The end of the financial year is rolling around again, but what does that mean for your super? NGS Education Manager, James Perry, shares his top 3 actions to put on your superannuation to-do list before the end of the financial year.

1. Contributions

You may want to make a contribution to your super before the end of the financial year. People make voluntary super contributions to give their super balance a boost, so they can have more money to enjoy when they retire. They’re different to your employer contributions because they’re not compulsory. There are 2 main types of voluntary superannuation contributions: after-tax (or non-concessional) and before-tax (concessional).

Concessional (before-tax) Contributions: The cap is $30,000 per financial year. These are typically employer contributions (including salary sacrifice) and personal contributions for which you claim a tax deduction. Exceeding the cap may result in additional tax.

Non-Concessional (after-tax) Contributions: The cap is $120,000 per financial year, or up to $360,000 over three years under the bring-forward rule. Exceeding this cap can lead to penalty taxes.

Government Co-Contribution: If you’re a low or middle-income earner, consider making a personal after-tax contribution to get a government co-contribution of up to $500.

Spouse Contributions: Contributing to your spouse’s super can reduce your tax liability if they earn less than $40,000.

2. Contribution Strategies

There are other ways you can make contributions to your super, including:

Salary sacrifice: Arranging for some pre-tax salary to be directed to super can boost your super and lower your taxable income. Salary sacrifice contributions count towards your concessional contribution cap, along with your employer’s contributions.

Personal Deductible Contributions: Another way to make concessional (before-tax) contributions to your super is to make a personal contribution via BPAY^® and claim a tax deduction on the amount. Make sure you submit a "Notice of Intent to Claim" to your super fund if you plan to claim a tax deduction on personal contributions.

To ensure payments count towards the current financial year’s cap, you can contribute to your NGS Super account by making a BPAY^® payment prior to 4.00pm (AEST) Thursday 26 June 2025.

For BPAY^® details log in to Member Online, click the ‘person’ icon at the top of the screen, then select 'Personal Details'.

Carry-Forward Contributions: If your super balance was under $500,000 at the end of last financial year, you may be able to carry forward unused concessional contributions from the previous five years.

Additional eligibility criteria apply to all contributions. Read our fact sheet opportunities and limits for super contributions for more information.

3. Review Your Super Fund

The EOFY is a great opportunity to review your super set-up to ensure you are in the best arrangement for you. A few things to consider:

Investment strategy: Check your investment strategy and consider whether this is still appropriate for you based on your risk tolerance and time to retirement. Find out more about how super and investments work.

Fees and Insurance: Review fees and insurance coverage within your super to ensure they are competitive and appropriate. Consider whether you have an appropriate level of insurance cover – make sure you’re not underinsured or overpaying for cover you no longer need. It’s also a good idea to check whether you can get a better premium rate based on your occupation.

Fees and Insurance: Review fees and insurance coverage within your super to ensure they are competitive and appropriate. Consider whether you have an appropriate level of insurance cover – make sure you’re not underinsured or overpaying for cover you no longer need. It’s also a good idea to check whether you can get a better premium rate based on your occupation.

Consolidate Super: Reducing multiple accounts may help minimise fees. To consolidate your super, simply log in to Member Online and go to the ‘Find my super’ section. If you prefer, you can download and complete our Transfer authority form, return it to us, and we will organise the transfer for you.

Need more help? Why not speak with a Super Specialist?

Have a complimentary chat with a Super Specialist. They can answer your general questions about superannuation, investments, insurance or transition to retirement. Seeking advice is a way to plan for your future, to mitigate risks and make the most of your saving opportunities. Education is integral to the planning process - it's important that you feel confident and informed at all times.

Book your free chat with an NGS Super Specialist.