If you’ve had inconsistent income, taken time off work, haven’t maxed out your super contributions, or you’re looking to top up your super  — you could be sitting on a hidden tax refund opportunity.

The good news? There’s still time to take advantage of it before 30 June.

WHAT IS THE SUPER CATCH UP RULE?

Since 2019, the ATO has allowed individuals to carry forward unused concessional (pre-tax) super contributions from up to five years ago — and claim a personal tax deduction when they contribute.

That means if you haven’t used your full cap in previous years, and your super balance is under $500,000, you could now contribute a lump sum and slash your tax bill this year.

HOW IT WORKS

Every year, you can contribute up to $27,500 in concessional super contributions (which includes employer super, salary sacrifice, and personal deductible contributions).

If you didn’t use all of that in previous years, the unused cap rolls forward for five years. In FY2024–25, you can still use any leftover cap from:

• 2019–20

• 2020–21

• 2021–22

• 2022–23

• 2023–24

But here’s the catch — unused cap from 2019–20 expires on 30 June 2025. So if you don’t act before then, it’s gone for good.

EXAMPLE:  WHAT COULD YOU SAVE?

You earn $250,000 and have $100,000 in unused concessional cap from prior years. You contribute $60,000 before 30 June and claim it as a tax deduction.

• You save $28,200 in personal tax (at 47%)

• Your super fund pays just $9,000 in contributions tax (15%)

• Net result: $19,200 tax saving and $51,000 added to your retirement fund

WHO CAN BENEFIT

• Individuals with income above $90,000 (the higher your tax bracket, the more you save)

• Self-employed or business owners with lumpy income

• People who’ve taken career breaks, worked part-time, or just didn’t max their super

• Those planning to retire in a few years and want to boost super fast

• Those who have spare cash beyond budget and investments outside super
• Individuals with justified use of a Self-Managed Super Fund (SMSF), who have sufficient cash flow to fuel contributions and want to actively manage and grow their super

IMPORTANT CONSIDERATIONS:  CASH FLOW AND ACCESS

Before rushing to contribute a lump sum, consider:

1. Cash Flow Impact
Super contributions require actual cash outlay. Make sure you have the funds available and won’t strain your personal or business cash flow.

If you have other cash flow commitments outside super — such as lucrative investments, mortgage repayments, school fees, business expenses, or living costs — contributing a large lump sum could tie up funds you might need elsewhere.

It’s important to weigh up the pros and cons:

• The immediate tax savings and retirement boost, versus

• Potential short-term cash flow pressure or liquidity constraints.

2. Funds Are Locked Away
Super money is generally unavailable until you reach your preservation age (usually 55–60 years old). This means you won’t be able to access these contributions if you need the cash in the short term.

WHAT YOU NEED TO DO BEFORE 30 JUNE

1. Check your super balance (must be under $500,000 as at 30 June)

2. Log into myGov > ATO > Super > Concessional Contributions to see your unused cap

3. Talk to us at Minnik — we’ll calculate the optimal contribution amount for your situation

4. Make a personal contribution to your super fund before 30 June

5. Submit a Notice of Intent to Claim a Deduction to your super fund before lodging your tax return

FINAL TIP:  DON’T LEAVE IT TOO LATE

Super contributions take time to clear — especially near EOFY. To ensure your contribution is received and processed before 30 June, act now.

NEED HELP?

At Minnik, we specialise in individual and small business tax strategies that make a real difference. If you’d like to explore how this strategy could work for you — or see if you’re eligible — reach out to our team today.

Let’s help you minimise tax and build long-term wealth.

📆 Book Your Free Consult

📞 02 9056 3344
📧 support@minnik.com.au
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