Final call: the key super actions you need to take before 30 June

By Brad Buzzard · · 3 min read
Fact Checked
June 2025 desk calendar next to desk plant

With the June 30 deadline approaching, now is the time to get your superannuation in order. This year is particularly significant, with last-chance contribution opportunities ending and major new rules starting from July 1.

Here’s a simple wrap-up of what’s on the agenda to help you make the most of your money.

Key superannuation actions before 30 June

As we highlighted before, this is the final opportunity to boost your super for the 2024/25 financial year and potentially reduce your tax bill. The standard annual caps are $30,000 for concessional (before-tax) contributions and $120,000 for non-concessional (after-tax) contributions.

But there’s also another powerful but lesser-known strategy with the same deadline. The ‘carry-forward’ rule lets eligible people use any of their unused concessional cap from 5 previous years. This means if you didn't contribute the full amount in the past, you can ‘catch up’ by contributing more this year.

  • Use it or lose it. If your total super balance was under $500,000 at the start of this financial year, this is your final chance to use any leftover contribution cap from the 2019-20 financial year before it expires forever on 30 June.

Major super changes from 1 July

The day after the financial year ends, two significant changes take effect that you should be aware of now:

  • The 12% super guarantee ‘pay rise’. Your employer’s compulsory super contribution increases from 11.5% to 12%. If you’re on a 'base salary plus super' agreement, consider it a boost to your retirement savings. If you're on a 'total package', your take-home pay might take a hit as more of your package is directed to super, so take this opportunity to double-check your contract.
  • The new $3 million super tax. A new 15% tax on earnings for super balances over $3 million is expected to apply from July 1, 2025. Don't think you'll ever have $3 million? Think again. If you're early in your career, decades of compound growth could get you there. And since this $3 million threshold will not be indexed to inflation, that means more Aussies will be affected by it over time.

Your post-EOFY super health check

Soon after 30 June, your annual superannuation statement for the 2024/25 financial year will arrive. Don't just file it away; this is the perfect opportunity to give your super a proper health check.

When it arrives, use it to ask yourself these questions:

  • Performance. How did my fund perform over the last 1, 5 and 10 years compared to other funds? Am I getting solid returns for the risk involved?
  • Fees. How much did I pay in admin fees, investment fees and other costs? High fees can seriously eat into your balance over time.
  • Tools & member support. Does your fund make it easy to manage your super? Consider the quality of its app and website, the range of investment options, and the availability of helpful resources or financial advice.

If the answers are concerning, it might be time to find a fund that works better for you. With the super guarantee rate hitting 12%, it’s important to ensure that money is in a competitive, high-performing fund.. Switching is often simpler than you think.

Here are some super funds we currently have our eye on:

Aware super disclaimers:

^SuperRatings Fund Crediting Rate Survey, March 2025. Based on SR50 Growth (77-90) Index. Returns are after tax and investment management expenses but before the deduction of administration fees. Past performance is not an indicator of future performance.

^^Chant West Super Fund Fee Survey December 2024, High Growth [81-95% in growth assets] investment option index and $50,000 account balance. Fees and costs can vary from year to year. Past fees and costs are not a reliable indicator of future fees and costs. Fees and comparisons may differ for other investment options and account balances. Aware Super’s High Growth option as published in the Aware Super Future Saver PDS.

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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