EOFY super top-up: smart move for your tax & your future?

By Brad Buzzard · · 3 min read
Fact Checked
Australian tax return forms resting on a desk with a pen, currency notes and a calculator sitting on top of the forms.

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:

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.

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