EOFY super top-up: smart move for your tax & your future?
The June 30 tax deadline is fast approaching, and there’s a key update to superannuation you may have missed: the annual limit for concessional (tax-deductible) super contributions increased to $30,000 for this 2024/25 financial year, up from $27,500.
This bigger cap means more room to make tax-effective contributions before the financial year closes, and this can have a huge impact on your finances both now and into the future.
Extra cash on hand? Smart EOFY superannuation moves
Sitting on some extra funds? Maybe your monthly mortgage payments have recently eased due to those long-awaited RBA rate cuts.
Common wisdom says to just keep paying your mortgage at the old, higher amount. And
yes, putting that toward your home loan accelerates your path to being debt-free and guarantees interest savings.
But putting it toward your super has some nice benefits of its own. For example, a $2,500 personal contribution could reduce your taxable income and could mean around $425 back at tax time if you're on a 30% marginal tax rate.
Not to mention the potential long-term returns.
No matter where the extra money comes from, one thing's for certain: if you decide to chuck it into super, you need to make sure you're with the best superannuation fund - whatever that looks like for you.
Why your fund choice matters more than ever
Whether you decide to top up before EOFY, wait until next year, or forego additional contributions altogether, having your money parked in a sub-optimal fund means your retirement savings could be significantly disadvantaged by common pitfalls such as:
- High fees. These can unnecessarily eat into your returns year after year.
- Poor performance. Consistently lagging returns mean your nest egg isn't growing as it should be.
- Wrong fit. Investment options that don’t match your risk profile, goals or values are usually a bad fit.
Review your super fund now
So why not take this EOFY opportunity to give your current fund a closer look.
Switching to a fund with better performance, lower fees or options more aligned with your needs can be one of the most impactful financial decisions you make. And it's often simpler than you might imagine, with your new fund typically handling the rollover.
The approaching June 30 deadline, combined with the increased contribution cap, makes this an ideal time to not only consider boosting your super but also to ensure it's in the best possible hands.
With that in mind, here are some top performers as identified by our highly experienced data experts:
Exceptional super: MySuper and Low Fee Super
Virgin Money Super
- Mozo Experts Choice Award winner for Exceptional MySuper + Low Fee MySuper 2025
- Earn Velocity points on contributions and any funds rolled over (T&Cs apply)
- Simple super advice at no additional cost + automatic Death and Total Permanent Disablement cover
Exceptional super: High Growth (Performance)
Spaceship Super
- Choice of growth or Index fund option
- Simple fee structure
- Digital dashboard to help you see where and how your super is invested
- 2025 Mozo Experts Choice Award winner - High Growth
Other funds we like (Editor’s Picks)
Aware Super
- Aware Super manages over $190 billion in retirement savings for over 1.1 million Australians
- Track record of delivering super long-term returns – 8.09% p.a. over 10 years to 31 March 2025 in the High Growth option, where a majority of members are invested.
- Winner of the 2025 Mozo Experts Choice Awards for Exceptional Super Fund for Gen X.
- Investment flexibility: Choose from a range of diversified options or single asset class options, or MySuper Lifecycle which automatically tailors your investment mix to your age over time.
AMP Super
- 175 years of experience in helping Aussies secure their financial future.
- Access a retirement health check via phone or My AMP with no extra fees
- A simple investment menu with exposure to leading investment managers to suit a wide range of investor needs
Spaceship Super
- Choice of growth or Index fund option
- Simple fee structure
- Digital dashboard to help you see where and how your super is invested
- Mozo Experts Choice Award winner - High Growth
Superhero Super
- Strong performance and low fees#
- Your choice of professionally-managed portfolios or directly investing in options like ASX 300 shares, ETFs, and managed funds
- Award-winning in-app experience ##
- Easy-to-use digital dashboard for managing your portfolio
Australian ethical disclaimer:
~Historical returns are reported after fees, taxes and other costs have been deducted, based on an account balance of $50,000, as at 31 March 2025
Superhero disclaimers:
# Low Fees - Findings based on Superhero’s analysis of SuperRatings’ Fee Report - October 2024, accessed 5 December 2024. Fees for Superhero Super’s Growth and High Growth investment options are in the top quartile based on Total Fees and compared against the SR50 Balanced (60-76) and SR50 High Growth (91-100) Indices respectively. Performance - Findings based on Superhero’s analysis of SuperRatings’ Fund Crediting Rate Survey – October 2024, accessed 5 December 2024. Based on Superhero Super’s Growth and High Growth options being in the top quartile for one year return across the SR50 Balanced (60-76) and SR50 High Growth (91-100) Indices respectively. Refer to the Superhero Super PDS and TMD for found at superhero.com.au/support/documents for more information.
## Awarded-Winner: Best for Mobile Experience in the WeMoney Investment Awards 2023
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