Essential EOFY tips for your superannuation

Contribution caps are changing on 1 July, 2024.
You may now contribute $30,000 in concessional contributions and $120,000 in non-concessional contributions. Find out more here

As the end of the financial year approaches, it’s important to engage in some superannuation ‘housekeeping’ to check your financial future remains on track. Taking the time to review and optimise your super arrangements can yield significant benefits in the long run, but what should you look out for?

Review your contributions

While you may not look at your contributions every month, you may want to take stock of your super contributions for the year. Are you on track to maximise your concessional contributions? These include employer contributions, salary sacrifice, and personal deductible contributions. Maximising your concessional contributions may help you reduce your taxable income while boosting your retirement savings.

Don’t forget! The amount your employer must pay into your superannuation account is set to increase on 1 July from 11% to 11.5%

Don’t forget! The amount your employer must pay into your superannuation account is set to increase on 1 July from 11% to 11.5%

Utilise unused contribution caps

Remember that unused concessional contribution caps may be carried forward for up to five years if your total super balance is less than $500,000 at 30 June of the previous financial year. If you haven’t maximised your contributions in previous years, consider taking advantage of this opportunity to boost your super balance. The cap changes to $30,000 next financial year, and when you make a contribution, you should ensure your fund receives the money before 30 June to allow a few days for the funds to clear. You should always check the MyGov portal to confirm completeness and accuracy of your contribution cap limits.

The non-concessional contribution cap also increases to $120,000.

For all your contribution details, log in to your account online, select “Account” on the left-hand menu, and click on “Contribute to Vision Super”. Here you will see your BPay® details, and forms for additional contributions.

Check your investment strategy

Review your investment strategy to ensure it aligns with your financial goals and risk tolerance. If you’re interested in how your investments performed, click here to see the latest returns:

Review your insurance coverage

Depending on your account type and previous choices, as well as government legislation, you may have insurance cover such as death insurance (also called life insurance), total and permanent disability insurance, and income protection (IP) insurance through your super account. Review your cover and check it still meets your needs.

If you’ve had a salary increase in the last two months, you can apply to increase your IP cover without having to go through underwriting. Contact us for more information.

Stay informed about changes

Keep yourself updated on any changes to super legislation and regulations that may affect your retirement planning strategy. Staying in the know will help you make informed decisions and avoid any unexpected tax or compliance issues – and you can do that by attending one of our educational seminars –

Logging in and checking your transactions will allow you to keep up to date with your contributions, fees and costs, and investment returns. You can log in by visiting the Vision Super website and selecting “Log in” at the top right of your screen. If you have more than one super account, logging in to MyGov will show your contributions across other funds.


Finally, if you’re unsure about any aspect of your superannuation or retirement planning, don’t hesitate to seek advice from a qualified financial adviser. They can provide personalised guidance based on your individual circumstances and help you make the most of your superannuation benefits. Fees may apply. 

We’re here to help  

Following these superannuation housekeeping tips, could help keep your finances in order as the end of the financial year approaches – but the rules surrounding eligibility and contribution caps are complicated and changing, so if you’d like to have a chat with us, call us on 1300 300 820 Monday to Friday 8:30am to 5pm.