You’re almost out of time to claim three EOFY super wins

If you have income* of less than $60,400 this financial year, and you make a personal after-tax contribution to your super account, you may be eligible to receive a government co-contribution. 

There are a few conditions and how much the government contributes will depend on your income and the size of your personal contribution*, but it will pay up to 50 cents for every dollar you contribute up to a maximum of $500.  

The government will calculate your eligibility and the co-contribution amount and pay it into your super automatically when you lodge your tax return.  

You can make a one-off payment via BPay or direct debit. You have until 3pm on 24 June 2025 to make a personal contribution to your super within our Bpay super contribution cut-off dates for the 2024-25 financial year. 

Despite its name, the LISTO is a type of co-contribution by the government, which seeks to return the 15% tax paid on concessional contribution for low-income earners. If you earn up to $37,000^ a year, you may be eligible to receive the LISTO. A LISTO contribution made by the Government does not count toward either the concessional or the non-concessional contributions caps. 

You don’t need to make any additional super contributions to receive LISTO – all you need to do is make sure your super fund has your tax file number, and lodge your tax return. The government will automatically deposit the co-contribution into your super. 

Couples can make after-tax contributions to each other’s super accounts. This may even up your super balances and provide a tax offset to the contributing spouse.  

To get the full tax offset of $540, you must contribute at least $3,000 to your spouse’s super account, and your spouse must earn less than $37,000. The offset phases out at $40,000 and can be claimed in your tax return.  

When you use some of your after-tax income or savings to make an additional personal contribution to your super, you can generally claim a full tax deduction for the contribution as long as you’re younger than 67, or you are still working if you are between age 67 and 75. This will reduce your taxable income and the amount of tax you pay. 

The amount claimed as a tax deduction will count toward your concessional contributions for the financial year and apply to your concessional contribution cap.

To claim a tax deduction for an eligible voluntary contribution you have made, you must: lodge a valid notice of intent (NOI) form with your super fund before you lodge your tax return – or by 30 June 2026 if you haven’t lodged your tax return by then; receive written acknowledgement from your fund; and claim the amount in your tax return.  Keep in mind that while the NOI can be submitted after the contribution is made, the contribution itself must be received by your fund before the financial year ends. 

Navigating super and tax can be complex. If you would like more help with your super tax strategies,  book a free consultation with our guidance team.