End of Financial Year Checklist: Contributions, Pension Payments, and Deductions

Written by Brad Laird

Effective tax planning ideally happens year-round, but if you're like most people, there are always a few things you can tidy up as the financial year draws to a close. Here's your quick guide to ensure you're prepared:

Concessional Contributions

The concessional contribution cap for the 2024-25 financial year is $30,000. Remember, your employer’s super guarantee contributions, now 11.5% of your ordinary earnings, count towards this cap. If you haven't reached the cap yet, making additional concessional contributions could be beneficial. 

Practical example: If your annual salary is around $100,000, your marginal tax rate (including Medicare Levy) is approximately 32%. By adding an extra $10,000 into your super:

  • You reduce your taxable income by $10,000, saving roughly $3,200 in personal tax.

  • Your super contribution is taxed at only 15% ($1,500), resulting in a net saving of $1,700.

  • Ultimately, you retain $8,500 in your super, where it can grow and support your future retirement.

Simple takeaway: At a $100,000 salary, each concessional dollar contributed to super saves you approximately 17 cents more per dollar compared to receiving it as regular income.

Important Reminders:

  • Concessional contributions are locked in your super until retirement.

  • Exceeding the contribution cap can incur extra taxes and penalties. It's wise to consult with your financial adviser or tax specialist at Salt before proceeding.

Tax Deductions

Ensure you’re not missing out on any eligible deductions. Key deductions for the 2025 financial year include:

  • Rental Property Expenses: Interest payments, property management fees, repairs, and maintenance.

  • Work-Related Expenses: Mobile phones, internet bills, laptops, home office equipment, and remote-working expenses.

  • Self-Education Costs: Course fees and related materials directly connected to your current employment.

  • Income Protection Insurance: Premiums are generally deductible.

  • Charitable Contributions: Donations made to registered charities.

To maximise your deductions, it’s always beneficial to review these with your accountant or tax adviser.

Pension Payments

Check your minimum pension payments are made before the financial year ends. Regularly review your statements to confirm you're on track and avoid leaving it to the last minute.

Taking these proactive steps will help you finish this financial year confidently and start the next one positively. If you'd like personalised advice or additional support, the team at Salt Financial Group is always here to assist you.

Jenni Anderson