Want to Pay Less Tax This EOFY? Supercharge Your Super

EOFY is right around the corner, and if you’re looking for smart ways to reduce your taxable income, one of the most effective strategies is right under your nose: personal contributions to your super.

You’re not just investing in future you—you’re also giving present you a handy tax break. Win-win.

How does it work?

When you make a voluntary (also known as concessional) contribution to your super, you can claim it as a tax deduction. Because these contributions are taxed at 15% in your super fund—often much lower than your marginal tax rate—you save money.

Let’s break it down.

Say you earn $80,000 and make a $10,000 personal contribution:

• You save $3,200 in income tax
• Your super fund pays $1,500 tax on the contribution
• That’s a net tax saving of $1,700

And the higher your income, the more effective the strategy:

• Income - $120,000
• Income Tax Saving - $3,200
• Net Tax Saving - $1,700

or

• Income - $160,000
• Income Tax Saving - $3,900
• Net Tax Saving - $2,400

Based on a $10,000 concessional contribution. Individual results may vary.

How to make it happen:

1. Transfer the money into your super account before the EOFY deadline
2. Complete a ‘Notice of Intent to Claim’ form with your super fund
3. Lodge the form with your tax return to claim the deduction

⚠️ Important: Check your super fund’s deadline for processing contributions. Many don’t allow transfers right up to 30 June.

3 More Ways Super Can Save You Tax

✅ 1. Use your carry-forward cap

If you didn’t max out your $27,500 cap in previous years and your balance is under $500,000, you can carry forward unused amounts, according to the Australian Taxation Office .

This can be a big win if:

• You had lower income in previous years
• You’re offsetting a one-off capital gain in FY24–25

❤️ 2. Contribute to your spouse’s super

If your partner earns less than $40,000, you can contribute to their super and score a tax offset of up to $540.

• If they earn under $37,000, you get the full offset
• This is a great strategy for couples looking to balance super over time
• Bonus: they may also be eligible for the Government co-contribution

🔁 3. Split your super

You can “split” up to 85% of your concessional contributions from last financial year into your partner’s super.

• It doesn’t lower your tax today
• But it may reduce future tax on withdrawals
• And helps even out retirement savings if one partner’s taken time off

⚠️ You’ll need to lodge a splitting form with your super fund—and yes, it’s due by 30 June too.

Final Word

EOFY is your chance to take control of your tax and your future wealth. Super contributions are one of the simplest, most effective ways to reduce your tax bill and boost your retirement balance.

So don’t wait. Check your limits, talk to your super fund, and give yourself a well-earned tax break. Future you will thank you.