Superannuation – individuals
Individuals are able to claim a tax deduction for personal superannuation contributions up to your $30,000 cap for the 2025 financial year (which includes contributions from your employer). There are also other eligibility criteria you must meet.
Don’t forget that carry-forward unused concessional contributions may also available if you haven’t used your full cap for the 2020, 2021, 2022, 2023 and 2024 financial years. This is the last year that any unused cap amount for 2020 can be utilised. If this is something you would like to utilise, please let us know and we can assess your eligibility and calculate how much can be utilised from prior years.
Should you plan to make a personal contribution to your superannuation account before the end of the 2025 financial year, make sure to check your fund’s cut off dates and payment reference number relevant for personal contributions (eg. BPay). Most retail funds require you to make your contribution by the second or third week of June to ensure it is received and allocated to your account by 30 June 2025.
A reminder that in order to claim a deduction for these super contributions, you must give your super fund a notice of intent to claim a tax deduction form and get an acknowledgement letter from the fund. The Notice of Intent to claim a tax deduction will usually be sent by a retail fund in July and can be completed and lodged at any time prior to your income tax return being finalised. You must receive an acknowledgement letter from the fund prior to lodgement of the income tax return.
Individuals are also able to make after-tax contributions (i.e. no tax deduction claimed) within annual, 3 year and total superannuation balance caps to assist in long-term tax minimisation. Please contact your Holman Hodge advisor for further information as a personal assessment of your situation is important and the caps are changing from 1 July 2025.
Superannuation – businesses
Superannuation is deductible when paid. If you pay the June quarter super prior to 30 June (rather than waiting until the due date of 28 July), you are able to claim this as a tax deduction in the 2025 financial year.
If you would like to claim a deduction for these super payments, it is important to confirm with your software/clearing house provider what the relevant cut-off dates are for payments to be received by the super funds by 30 June.
Can we give you a hand?
If you would like any further detail on the above, or for an estimate of your tax position for the 2025 financial year, please contact your Holman Hodge advisor.