Your EOFY super checklist: make the most of your super before 30 June

The end of financial year (EOFY) is a great time to explore ways to boost your retirement savings and take advantage of any tax benefits available to you.
Here are some steps you could take to make the most of your super before 30 June.

Step 1: consider making extra super contributions

If you want to reduce your taxable income and maximise opportunities to grow your super, you could benefit from making contributions above your employer’s compulsory Superannuation Guarantee (SG).

Adding to your super through your employer (before tax) by making salary sacrifice contributions could reduce your taxable income, meaning you could pay less tax.

Likewise, if you add to your super from your take home (after-tax) pay, you could potentially reduce your tax if you’re eligible to claim a tax deduction. This is because contributions (made to a GESB Super account) are usually taxed at only 15% instead of your income tax rate, which may be higher.

Use our contributions calculator to help you work out the most effective way to make your contributions.

Step 2: understand your contribution caps

While the government provides special tax rates to help you use your super to save for retirement, there are limits, known as caps. If you make contributions to super above your cap, you may have to pay more tax.

You can make up to $30,000 of concessional (before-tax) contributions to your GESB Super account for the current financial year. This includes salary sacrifice contributions and other employer contributions.

Contribution caps reset at the start of each financial year. If you're eligible, you may be able to use the carry-forward rules, which allow you to use unused concessional cap amounts from previous years.

Different caps apply to West State Super and Gold State Super. Visit How much you can contribute to learn about carry-forward rules and the caps that apply to different super accounts.

Step 3: track your super contributions

If you are considering making extra contributions, it's important to check how much has already been paid to your account, so you don’t go over your caps.

This includes your employer contributions and any voluntary contributions you may have already made.

To keep track of your super contributions:

• Log in to Member Online
  The homepage has a concessional contributions cap tracker for GESB Super, or you can go to the Accounts page to view a summary of your contributions.
• Access the Australian Taxation Office’s (ATO) online services through your MyGov account
  On the ‘super’ tab, click ‘information’ and then ‘concessional contributions’ or ‘non-concessional contributions’. This will display your total contributions for the financial year and your remaining cap space.

Step 4: look for other ways to boost your super

You may also be able to make the most of your super contributions by taking advantage of spouse contributions and the Australian Government’s Super Co-contribution.

You may be eligible to receive up to an extra $500 in your super account in government co-contributions, if you make a non-concessional (after-tax) contribution to your super during the financial year.

If you’re a current GESB member, you may be able to make spouse contributions to help grow your spouse’s super. This could make a difference to your joint retirement savings if your spouse is not working or is a low-income earner. Depending on your spouse’s income, you may be eligible for a tax offset when lodging your tax return, which means you could pay less tax on your income.

Step 5: check the timing

If you decide to add extra to your super or your spouse's super, it's important to act early.

For your contributions to count for this financial year, they generally have to be received by your super fund by 30 June.

Keep in mind that payments made close to end of financial year can be impacted by our processing deadlines, which start on 23 June this year.

Other super tips to consider

As you review your contributions, it might be a good time to log in to Member Online and:

• Review your investment options and insurance cover to make sure they remain right for you
• Consolidate your super into one fund if you’re doubling up on fees by having multiple super accounts with other funds
• Check and update your contact details and communication preferences to make sure you receive important information about your account

You might also set some simple super goals for the financial year ahead. That could mean increasing your contributions, thinking about what a ‘comfortable retirement’ looks like for you, or attending one of our webinars or seminars to learn more about managing your super.