EOFY Checklist – 30 June 2026

With the end of financial year fast approaching, now’s the time to make the most of opportunities to maximise super and tax benefits.

Superannuation

For many people, super remains a highly tax-effective structure for holding investments to accumulate retirement savings. Annual contribution caps and eligibility rules apply, making it essential to review the total amount of concessional (before-tax) and non-concessional (after-tax) contributions across all your super accounts when considering making a pre-30 June contribution. Planning over the longer term is the best way to maximise the benefits of super.

Tax-deductible contributions

If you have contributed less than the concessional contribution cap this financial year, consider using some of your savings to make a personal tax-deductible contribution to your super account.

Although your contribution will be taxed at 15% as it enters your super account (or up to 30% if your income plus your concessional super contributions is $250,000 or more), if this rate is lower than your marginal tax rate, you could enjoy significant tax savings.

The annual cap for tax-deductible (concessional) contributions for 2025/2026 is $30,000.

Concessional contributions include your employer’s super guarantee (SG) contributions (usually 12% of your salary), salary sacrifice amounts, and any personal contributions for which you claim a tax deduction.

Make a higher tax-deductible contribution

An opportunity to contribute more to super than the annual concessional cap exists for eligible contributors with a ‘Total Superannuation Balance’ (TSB) under $500,000 as at 30 June 2025, who have unused cap amounts accrued from prior years. Under the carry-forward rules, individuals who meet the criteria can carry forward up to five years of ‘unused cap amounts’ from previous years. If you’re eligible, 2025/2026 is your last chance to use any unused cap amount from 2020/2021 before it expires.

Tips

Personal super contributions that the ATO allows as a tax deduction in the individual’s tax return will count towards their concessional contributions cap. If employer super contributions (such as salary sacrifice and SG) are also received, you need to ensure these employer contributions are considered when determining how much to claim as a personal tax deduction.

For the 2025/2026 financial year, employers are generally required to make super guarantee contributions for the April to June quarter by 28 July 2026. This means some employer contributions relating to this financial year may not be received by your fund until early in the next financial year.

However, from 1 July 2026, new “Payday Super” rules will apply. Under these rules, employers will be required to pay super at the same time as salary and wages, with contributions needing to be received by your super fund within a short period after each payday. This will significantly reduce delays in when super contributions are received.

Given the timing differences, it’s important to:

• Check whether any employer contributions for 2025/2026 are received after 30 June 2026
• Be mindful of contributions from different financial years when monitoring your concessional cap
• Allow sufficient time for any personal contributions to be processed before 30 June if you intend to claim a deduction for this financial year

Claiming a tax deduction

To claim a personal tax deduction for a super contribution made in 2025/2026, you will need to submit a ‘notice of intent to claim a deduction’ form and obtain acknowledgement of the notice from your super fund before you lodge your 2025/2026 personal tax return. It is also important you don’t transfer any benefits out of your super fund (including commencing a pension) until the form has been lodged with the fund or you will lose the ability to claim the tax deduction.

Age 67-74: Work test

While you can contribute to super in this age bracket, you need to meet the work test or work test exemption if you are aged between 67 to 74 years and want to claim a personal tax deduction for super contributions made. The work test requires you to work at least 40 hours in 30 consecutive days during the financial year you make the contribution.

You may qualify for an exemption from the work test if your total super balance across all your super and pension accounts was below $300,000 at 30 June 2025; you met the work test in the previous financial year; you have not been, and do not intend to be, gainfully employed for at least 40 hours within 30 consecutive days in the financial year in which the contributions are made; and you have not previously claimed a personal tax deduction under this exemption in any earlier financial year.

Age 75+: Work test

For individuals aged 75 or older, the work test does not apply to contributions made within 28 days after the end of the month they turn 75. After this grace period, the only permitted contributions are compulsory employer contributions (Super Guarantee) and downsizer contributions.

Turning age 75 can be slightly complicated when it comes to making non-concessional contributions using the bring-forward rules – this is a time to plan carefully and seek advice to ensure you get it right.

Non-concessional contributions

Non-concessional (or after-tax) contributions can be a great way to boost your super if you have spare cash available. This type of contribution is not taxed on entry into your super account.

Provided your total superannuation balance (TSB) on 30 June 2025 was below $2 million across all your super and pension accounts, you may be eligible to make after-tax or non-concessional contributions to super.

The annual cap for after-tax (non-concessional) contributions for 2025/2026 is $120,000.

Individuals under age 75 may utilise a 3-year “bring-forward” provision enabling them to contribute up to $360,000 in 2025/2026. Once your total superannuation balance is above $1.76m, your ability to utilise the NCC bring-forward provision to contribute to super will be reduced, as shown in the table below:

Total Super Balance as at 30 June 2025	Available non-concessional cap	Bring-forward Period
< $1.76 million	$360,000	3 years
$1.76 million to $1.88 million	$240,000	2 years
$1.88 million to $2 million	$120,000	Annual NCC cap only
> $2 million	Nil	Nil

Government super co-contribution

Eligible individuals with income less than $62,488 may also receive a co-contribution from the government when they make a non-concessional contribution to super. Income for this test is the sum of the individual’s assessable income, plus reportable fringe benefits plus reportable employer super contributions. The co-contribution income thresholds for this financial year are:

Financial year	Maximum entitlement	Lower income threshold	Higher income threshold
2025/2026	$500	$47,488	$62,488

Individuals may be eligible for a government co-contribution if they had a total super balance of less than $2 million on 30 June 2025, derive at least 10% of their income from employment and/or carrying on a business, and make a personal non-concessional contribution to super.

The maximum co-contribution amount of $500 will be available for a non-concessional contribution of $1,000 or more by the member, subject to the income test above. Individuals must be under age 71 at the end of the relevant financial year. Spouse contributions can be made up until age 75 without needing to meet the work test.

The co-contribution scheme is only available to individuals in employment or self-employment, which means anyone unemployed or involved in non-paid work for the full financial year is not eligible for the co-contribution entitlement.

Spouse super contributions

In 2025/2026, a tax offset of up to $540 is available for spouse contributions of $3,000, where the receiving spouse’s assessable income plus reportable fringe benefits and reportable employer super contributions does not exceed $40,000. The offset reduces once the receiving spouse’s total income exceeds $37,000, cutting out at $40,000.

The receiving spouse must be under age 75 at the contribution date for the contributor to be eligible for the tax offset. In addition, the receiving spouse must not have a total super balance of $2 million or more at 30 June 2025 or have non-concessional contributions totalling more than their non-concessional cap for the financial year. The former work test requirement no longer applies.

Tip – timing super contributions

The end of financial year, i.e. 30 June, falls on a Tuesday this year. To ensure that your super contributions are made and cleared before the end of financial year, you need to make your contributions as soon as possible. This is particularly important if you plan to claim a tax deduction for contributions, or if you are making a non-concessional contribution to qualify for a government co-contribution for the year.

The key date for contributions is not when you make the payment, but when it’s received by your super fund. Even though many financial institutions now offer instant payments, electronic fund transfers and BPAY can take days to appear in your super account. Additionally, most super funds have end of financial year cut-off dates well before 30 June, so make sure you send off your payment well ahead of the deadline.

Pensions

Account-Based Pension payments

Where a fund member is in pension phase it is important to ensure that the required annual minimum pension payment is met before the end of financial year, otherwise the fund risks losing the pension tax exemption for that financial year.

The minimum annual income payment is calculated as a minimum percentage of the account balance at 1 July each year (or upon commencement if started during the financial year) as per the following table:

Age at 1 July at the start of each year	Percentage of account balance at 1 July 2025
Under 65	4%
65 – 74	5%
75 – 79	6%
80 – 84	7%
85 – 89	9%
90 – 94	11%
95 or more	14%

Pension payments are pro-rated in the first year an account-based pension is commenced, based on the number of days the pension is held.

Lump sum commutations from pension accounts don’t count towards the required minimum pension payments.

If you have an SMSF, it is up to you (and the other trustees) to ensure the minimum payment standards are met, as underpayment can lead to compliance problems. If your super is with a large fund, your super provider will take care of ensuring minimums are met.

There is no maximum limit for account-based pensions. If you have a Transition to Retirement (TTR) pension, you must not draw more than 10% of the 30 June 2025 account balance as a pension payment during the 2025-26 financial year.

Looking ahead: 2026/2027 caps

Super Guarantee rate for 2026/2027:

	2025/2026	2026/2027
Super Guarantee rate	12%	12%

The key contribution caps for 2026/2027 are:

Annual Concessional Cap	$32,500
Annual Non-Concessional Cap	$130,000

Bring-forward non-concessional contribution caps for 2026/2027 are:

Total Super Balance as at 30 June 2026	Available non-concessional cap	Bring-forward period
< $1.84 million	$390,000	3 years
$1.84 million to $1.97 million	$260,000	2 years
$1.97 million to $2.1 million	$130,000	Annual NCC cap only
> $2.1 million	Nil	Nil

The co-contribution income thresholds are:

Financial year	Maximum entitlement	Lower income threshold	Higher income threshold
2026/2027	$500	$49,293	$64,293

Spouse super contributions remain unchanged. Minimum pension payments for 2026/2027 will continue at the rates shown for 2025/2026.

Division 296 tax

From 1 July 2026, an additional tax, known as Division 296 tax, will apply to the proportion of realised super earnings (e.g. interest, dividends, rent and realised capital gains) attributable to balances above large ($3 million) and very large ($10 million) super balances. The 2026–27 financial year is a transitional period, allowing those with more than $3 million in super and pension benefits until 30 June 2027 to consider and implement any proposed changes to their retirement strategy.

The earnings are subject to a tiered additional tax structure:

• Balances between $3 million and $10 million: Earnings attributable to this portion are subject to an additional 15% tax (resulting in an effective total tax rate of up to 30% on those earnings).
• Balances over $10 million: Earnings on the portion exceeding $10 million are subject to an additional 25% tax (bringing the total tax rate on those earnings to up to 40%).

The good news is that there is time to plan for this additional tax. For individuals with a total superannuation balance (TSB) approaching $3m, speak to your adviser at your next review about possibly resetting the CGT cost base as at 30 June 2026 for Div 296 purposes only.

If you or a loved one needs assistance, we’re here to help— contact your adviser or our team if you have any concerns or wish to discuss the EOFY checklist.

 

Alteris Financial Group Pty Ltd (ABN 59 133 479 115) holder of AFSL No.402370. The information contained in this article is general in nature and does not take into account your personal circumstances. We recommend you consult a financial adviser whose advice will take into account your particular objectives, financial situation and individual needs.