Australians risk missing out on $500 super boost this EOFY
Equip Super
Melbourne, 10 June 2026: Australians are being encouraged to use the end of financial year to check whether they could make more of their super, with many potentially missing simple opportunities to strengthen their retirement savings and manage their tax position.
With 30 June approaching, Equip Super says now is the time for Australians to consider options such as personal deductible contributions or government co-contributions.
For eligible low and middle-income earners, a $1,000 after-tax contribution to super could attract up to $500 from the government through the super co-contribution scheme.
For Australians who are able to contribute more to super before 30 June, EOFY may also be a final opportunity this financial year to make a personal contribution into super.
If you’re not eligible for a government co-contribution, you may be able to claim a tax deduction for your personal contribution instead. Claiming after-tax contributions as a tax deduction reduces your taxable income whilst increasing your savings for retirement. If you make an after-tax contribution and want to claim it as a tax deduction, you’ll need to let your fund know before you lodge your tax return for the year.
This time of year is also a good time to think about setting up a salary sacrifice arrangement with your employer. Salary sacrificing involves paying some of your before-tax salary (that’s your income before any income tax has been calculated or deducted) straight into your super account. Not only can it boost your super balance, but it can also potentially reduce your tax rate.
The reminder comes as Equip Super’s Financial Security Index shows many Australians remain underprepared for retirement, with more than half not having a retirement plan in place. The research also found 53% of Australians have not taken steps to increase their super balance, while 42% do not believe they are on track with their super contributions to support their retirement goals.
Equip Super Chief Experience Officer Carrie Norman said EOFY can be a useful moment for Australians to check whether they are getting the most from their super.
“Super is one of the most important long-term savings vehicles Australians have, but too often it is treated as something to think about later,” Ms Norman said.
“EOFY is a good time to ask some simple questions: am I on track, could I contribute a little more, and am I making the most of the support available to me?”
“For some people, making extra before tax contributions through salary sacrifice or claiming a tax deduction for a personal contribution may help reduce their taxable income, while also adding to their retirement savings. But the right approach depends on your income, contribution caps and personal circumstances, so it is important to get guidance before acting.”
Under current ATO rules, before-tax contributions generally include employer super guarantee contributions, salary sacrifice contributions and personal contributions claimed as a tax deduction. These contributions are usually taxed at 15% within super, which may be lower than an individual’s marginal tax rate, depending on their circumstances.
Ms Norman said even modest contributions can make a difference over time, particularly when people start earlier.
“You don’t need to overhaul your finances overnight. Small, manageable actions can build momentum and help people feel more confident and in control of their retirement,” she said.
“For some Australians, that might mean setting up a small salary sacrifice arrangement. For others, it could be checking whether they are eligible for the government co-contribution, reviewing their investment option, or simply logging in to check their balance and update their details.”
Equip Super’s Financial Security Index found that cost-of-living pressures remain the biggest retirement concern for Australians, with 43% naming it as their top worry. The research also found more than half of Australians had not acted to increase their super, despite many feeling uncertain about whether they will have enough for retirement.
Ms Norman said financial pressure can make it harder for people to prioritise super, but EOFY can still provide an opportunity to take stock.
“We know household budgets are under pressure, and contributing more to super will not be possible for everyone,” Ms Norman said.
“But for people who do have capacity, EOFY is a timely reminder to check what options are available. Super should not be a set and forget investment.. The earlier people engage, the more choices they may have later.”
Australians considering extra super contributions before 30 June should check their concessional contributions (before tax) cap, which is generally $30,000 for the 2025-2026 financial year, allow time for payments to be processed, and consider seeking advice to ensure any contribution is appropriate for their circumstances.
ENDS
About Equip Super
Equip Super manages $36.9 billion for over 135,000 members across both Equip Super and Catholic Super at 30 June 2025. Equip Super is a leader in the superannuation industry in bringing funds together through successful successor fund transfers and continues to look for new opportunities to grow the fund.
Under two distinct brands, Equip Super and Catholic Super service employers and members from the energy, resources, water, infrastructure, manufacturing, education, health, legal and services sectors. Equip Super is an industry super fund, operating accumulation, defined benefit and pension plans. The fund’s key objective is to deliver the best retirement outcome possible for members, while operating as a trusted partner for participating employers.
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Issued by: Togethr Trustees Pty Ltd (ABN 64 006 964 049, AFSL 246383) the trustee of Equipsuper (ABN 33 813 823 017) (“Equip Super”). This is general information only and does not take into account your personal investment objectives, financial situation or needs. Please read the appropriate Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making an investment decision. Investment returns are not guaranteed and past performance is not a reliable indicator of future performance. Financial advice services may be provided to members by the trustee’s related entity Togethr Financial Planning Pty Ltd (ABN 84 124 491 078; AFSL 455010).
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