With the End of Financial Year (EOFY) 2025 just around the corner, now is the perfect time to make the most of maximising retirement savings and managing your tax position. In this checklist, we’ll cover some key tips to help you make the most of EOFY 2025 and set yourself up for a stronger financial future.

1. Boost Super Contributions

EOFY is a great time to review your super and take advantage of opportunities to reduce your taxable income while growing your retirement savings. Taking action before 30 June can also help you to take advantage of tax benefits and strengthen your super for the future.

Make concessional contributions (before-tax) to reduce taxable income.

When thinking about concessional contributions, many people immediately associate them with compulsory employer super contributions. However, they also encompass salary sacrifice and personal contributions for which you claim a tax deduction and offer an effective way to enhance your retirement savings while benefiting from tax advantages.

So, how can you boost your concessional contributions beyond what your employer is already providing? One option is to arrange for your employer to direct a portion of your pre-tax salary into your super fund—this reduces your taxable income and is commonly known as salary sacrifice. Alternatively, you might choose to make personal contributions using your take-home pay, self-employment earnings, or other available funds, then claim a personal tax deduction when you file your tax return.

Like other types of super contributions, concessional contributions come with an annual cap or limit, currently set at $30,000. There are also eligibility criteria to consider—personal contributions which you claim as a tax deduction can generally be made if you’re under 75, but if you’re 67 or older, you’ll need to meet a work test. To find out more about eligibility requirements, visit ato.gov.au.

Consider personal deductible contributions

If you have available funds and decide to make a personal super contribution, you might be eligible to claim a tax deduction—giving your retirement savings an extra boost!

Making personal deductible contributions can be a particularly smart move as the financial year draws to a close, when you have a clearer picture of your tax position and how much you have left to allocate after covering annual expenses.

Setting up a salary sacrifice arrangement with your employer at this stage may not allow you to fully utilise your concessional cap, as you can only sacrifice income that hasn't yet been earned. Depending on your fund’s cut-off dates, you might instead have the opportunity to make a larger personal deductible contribution as the financial year wraps up. The tax benefits are comparable to salary sacrificing.

Claiming deductions for personal super contributions

To claim a deduction for your personal super contributions, you must give your super fund a notice in the approved form and get an acknowledgment from the fund. There are other eligibility criteria you must meet.

Claiming a tax deduction for personal super contributions counts toward your concessional cap. Therefore, be mindful of limits and any additional concessional contributions you may or have received this financial year—including employer contributions on a potential end-of-year bonus. Before making a claim, assess potential implications, such as exceeding contribution limits or affecting eligibility for co-contributions.

You can find out more about how to make personal super contributions, including claiming a tax deduction so they are concessional contributions on the ATO website.

Take advantage of catch-up contributions.

If you’ve had career breaks – such as for parenting or other responsibilities – or couldn’t contribute to your super earlier, you may benefit from carry-forward concessional contributions, also known as catch-up contributions.

If eligible, the Australian government allows you to exceed the annual concessional contribution cap — currently $30,000 — by using unused caps from the past five financial years. This can help boost your retirement savings and provide greater financial security.

At the end of the financial year, there may be limited time to maximise catch-up contributions through a salary sacrifice arrangement with your employer. However, you could instead make a personal super contribution and claim a tax deduction, achieving a similar outcome.

To be eligible to make catch-up contributions, your total super balance must be below $500,000 at the prior 30 June. Your available catch-up contribution amounts are shown on ATO online services. If you make the contribution at ages 67 to 74, you must meet the work test (or be exempt from it) in order to claim the tax deduction. Personal deductible contributions cannot be made when you attain age 75.

Consider non-concessional contributions (after-tax) to grow retirement savings.

Non-concessional contributions are contributions made with funds such as your take home pay or savings, or windfalls from events such as the sale of a property or an inheritance. If you’ve got extra funds available, this could be a great way to grow your retirement savings.

You won’t pay any tax on non-concessional contributions that you make to super, up to an annual cap. Currently this cap is $120,000 each year, and if you’re eligible you may be able to bring-forward up to two annual caps from the next two financial years, meaning you could contribute even more, sooner. Visit ato.gov.au to find out more and to see if you are eligible.

Check if you’re eligible for the super co-contribution or spouse contribution tax offset.

What’s even better than saving for retirement is saving on tax while in the process or getting a top up from the Government!

- Super Co-Contribution: If you’re a low-to-middle income earner and make after-tax contributions, you could receive up to $500 per annum (pa) from the government as a co-contribution. While $500 might not seem like much today, do this year on year if you’re eligible, and the benefits can really add up over time. Calculate what co- contribution you could be entitled to, by visiting ato.gov.au and search for ‘super co-contribution calculator’. Confirm your eligibility and make contributions before 30 June to secure this benefit.

- Spouse Contribution Tax Offset: If you spouse earns less than $40,000, consider contributing to their super to claim a tax offset of up to $540 pa. This strategy can help grow your partner’s retirement savings while reducing your tax liabilities.

2. Plan for the Year Ahead

As the EOFY approaches, it’s the ideal time to pause, reflect, and start planning for the year ahead.

Set clear financial goals and priorities: One of the first steps in ensuring a successful year is setting clear financial goals. These goals give you a roadmap to follow and can guide your decisions about income, savings, and investments. But it’s not enough to just jot down some big aspirations—take it a step further by breaking those goals into smaller, more manageable steps. These bite-sized actions are key to creating momentum, and by consistently knocking off small tasks, you’ll not only make progress but also build the confidence to tackle bigger challenges down the line.

Re-evaluate your budget and financial habits: In addition to planning and goal setting, now is also a great time to evaluate your budget for the new financial year. Having a solid budget in place helps you stay on track. Whether it’s saving more, reducing debt, or allocating funds to investments, a detailed budget is an essential tool to guide you through the year.

Consider a saving or emergency fund: Building or replenishing your emergency fund might also be a priority for the year ahead. Life is unpredictable and having a financial safety net can provide peace of mind and protect you from unexpected expenses. Aim to save at least three to six months' worth of living expenses, or whatever is feasible based on your personal situation. You can start small and gradually increase your savings over time, which will help you build financial security for the future.

Stay accountable and monitor your progress: Finally, remember that financial planning is an ongoing process. Set aside time to regularly review your goals and track your progress. Whether it’s monthly or quarterly, monitoring your finances helps you stay accountable and allows you to make adjustments if things aren’t going as planned. Celebrate your wins along the way, even the small ones, and learn from the challenges you face.

For many, seeking professional advice can make a significant difference. A tax accountant or financial adviser can provide valuable insight into your strategy, helping you optimise your finances and navigate any complexities. They can offer tailored advice on tax planning, super, and investment strategies, help you make the most of your financial opportunities.

By approaching EOFY with a clear plan and a focus on achievable steps, you’re setting yourself up for a year of progress, financial growth, and peace of mind.

3. Extra Tip – Ensure your Will Reflects Your Wishes: A Crucial Part of your EOFY Checklist

As you review your finances at EOFY, don’t forget to review and update your estate plan, wills, and insurance policies. Ensuring these documents are current and aligned with your financial and personal circumstances is essential for protecting your assets and providing peace of mind for you and your loved ones.

Life changes such as marriage, children, property purchases, or changes in wealth should all prompt a review to ensure your wishes are accurately reflected. Check out our guide to planning your estate.

And lastly, as the end of the financial year approaches, it's essential to stay vigilant about cyber security. Scammers often exploit this time of year with phishing emails, fake invoices, and other malicious schemes.

You can protect your financial information by regularly updating passwords, using two-factor authentication, and being cautious of unsolicited communications. Always verify the legitimacy of requests for payment or personal details and report any suspicious activity to protect yourself and your business.