Your five-point super plan for EOFY
'You'll likely save on your tax by getting contributions taxed at just 15 per cent in super instead of your marginal rate.
'If you're in a lower tax bracket, after-tax contributions might be more effective, especially if you're eligible for government co-contributions.'
You'll also need to look at how much of your $30,000 concessional contribution cap you've already used this year, including your employer's contributions.
You may be able to use unused cap space from the previous five years to make a larger concessional contribution this year.
After-tax contributions allow you to place larger amounts into super.
'You can choose to use a combination of concessional and after-tax contributions up to the limits allowed,' Cross says. 'What is most advantageous for you will depend on your personal situation.'
What are some common EOFY mistakes?
One of the most common EOFY mistakes, Cross says, is failing to lodge a notice of intent to claim a deduction.
'If you make a personal contribution and want to claim a tax deduction, you must submit a formal notice to your fund before lodging your tax return.'
Loading
Exceeding the $30,000 concessional contribution cap is another mistake – and can be a costly one. 'Exceeding the cap can lead to additional tax and charges,' Cross says.
Not taking advantage of the carry-forward rules and not taking advantage of government initiatives are also common errors.
'There are several government incentives that you could consider, like the government co-contribution, spouse contribution tax offset, and the low-income super tax offset... it's worth exploring to see how you might be able to benefit.'
Super goals for the next financial year
If you want to make next financial year a prosperous one for your super, Cross recommends a five-point plan:
Seek expert advice and engage with your super fund. 'This can lead to higher super balances, better investment outcomes, and more financial security in the longer term.'
Boost your super with voluntary contributions. 'You can stop and start whenever it suits and adjust how much you contribute based on your circumstances.'
Review and update your nominated beneficiaries. ' Make sure your nominated beneficiaries are up to date and correctly recorded with your super fund.'
Check how your super is invested. 'It's worth checking whether your current mix aligns with your stage of life, financial goals and comfort with risk.'
Consolidate. 'If you have multiple super accounts, consolidating them could help you save on fees and boost your retirement savings. Before making the move, think about potential impacts like losing insurance cover from another fund, how it might affect your investment strategy, and any tax implications.'
Elkins says it's important to engage with super and take action, rather than just assume your super will look after itself.
'The default settings we have in this country, like the compulsory superannuation guarantee and MySuper are fantastic – they are the envy of the world,' she says.
'But they can create that 'she'll be right, mate' attitude, and can stop people from engaging and doing a little bit of work to think: am I maximising my opportunities?'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
09-07-2025
- ABC News
Scammers are pretending to be the ATO and myGov. Here's what suspicious emails or texts may look like
Tax time is prime season for scammers. It's a period where we're rushing to get our affairs in order, waiting to hear from the government about debts we'll have to pay, or refunds we'll receive. Scammers know this and are poised to capitalise on the eagerness and financial anxiety many of us feel around the end of the financial year. Here's how to tell whether myGov and ATO texts or emails are legitimate — and how to keep your information safe. Tax time scams often come in the form of phishing emails, texts or phone calls from scammers posing as the ATO or myGov. "Their goal is to trick people into clicking malicious links or handing over sensitive information," says Tyler McGee, from online protection company McAfee. "With this information, scammers can commit identify theft, access your myGov account to redirect tax refunds, Centrelink payments or superannuation, or even lodge false tax returns in your name." This is all done by offering a link in an email or text that leads to a fake website. Data analysts at Australia and New Zealand's national identity and cyber support service, IDCARE, always detect a spike in scams impersonating the ATO in the three months after the EOFY. "Last year, we saw a 105 per cent increase in the number of scams reported impersonating the ATO in the months after the EOFY to the general closing date for returns," IDCARE's Kathy Sundstrom says. Because most Australians are expecting to hear from the ATO or myGov, making fake messages seem more legitimate. "There's also a sense of urgency and anxiety around tax deadlines, refunds, and the fear of making mistakes, which makes people more likely to respond without thinking," Mr McGee said. Ms Sundstrom said because scammers send out millions of messages, they only need a "small number of people to think the message makes sense for their scam to be hugely profitable". Scamwatch and the Australian Cyber Security Centre says there are a few dead giveaways. To help, we've included a few scam email examples that we've received over the past few weeks. But keep in mind that suspicious correspondence can look even more convincing than the one's included here. The first sign of a scam text or email is a hyperlink. These links will take you to a fake website designed to steal your personal information. So any email asking you to follow or click on a link should be treated with caution. "The ATO and myGov won't send you an SMS or email with a link to access online services," the ATO said in a warning on its website. "These should be accessed directly by typing or into your browser." QR codes are also common hallmarks of a scam. Are you told you have a limited time to respond? Scammers will create a feeling of urgency in the hope victims won't think critically about the message or seek advice if they think immediate action is needed. In the examples provided, the scammers have used words like "urgent" and "act fast" to convince you to react before time runs out. Here are some other phrases you could stumble across: The link in the email address often won't look right when you compare it to official correspondence. It will likely have some inaccuracies such as: If you notice awkward phrasing, incorrect capitalisation, spelling or grammar, you're likely reading a scam message. Also keep an eye on the formatting and font used. You can see in the examples that scammers may mix and match font types that doesn't look quite right. The ATO will never send you an unsolicited message asking you to provide sensitive information over SMS or email. So if you're asked to hand over your tax file number (TFN), driver's licence number, bank details, pay slips and Medicare details, that's a red flag. Scammers impersonating the ATO may also contact you by phone, claiming you haven't paid enough tax and demanding you cover the shortfall. To get you to act quickly, they may even use the threat of arrest unless you pay right away. Here are some other telltale signs you're on the line with a scammer: Stop, think and protect yourself. People fall victim to scams when their guard is down. When you're expecting a tax refund, it's easy to act on autopilot and click a link in a text message or email when you receive one. Remember to slow down and question whether it's legitimate. If you receive suspicious communication from the ATO or myGov, don't give away any information, scan any codes or download any attachments. Delete it immediately. MyGov emails should always be from noreply@ Because scammers often make fake websites that mimic myGov, you should always access the website by typing into your browser or use the official myGov app, Ms Sundstrom says. You can call the Services Australia Scams and Identity Theft Helpdesk if you: If you have sent money to a scammer, you should contact your bank or financial institution immediately and ask them to stop any transactions. They can also help you block or cancel any credit or debit cards if you shared those details with scammers. IDCARE can also help give advice on securing your online accounts.
News.com.au
07-07-2025
- News.com.au
Best Deals Of The Week: Bed, Bath N' Table, The Oodie, Dyson
The end of financial year may have come and gone but someone forgot to tell retailers because the incredible sales are still hanging around. We've spotted up to 30 per cent off the cult Bed, Bath N Table flannelette pyjamas. The cosy Emma Flannelette Pyjamas are now $34.95, down from $49.95. And if you've had your eye on the best-selling Sweet Cherry Flannelette Pyjamas that have already sold out three times this winter, you're in luck. The uber cute jammies have finally been restocked but make sure to get in quick before they sell out again. For those not into flannelette pyjamas, you can also save big at The Oodie with the Aussie brand holding a massive Nothing Over $49 Sale. Staying on the bedroom theme, you can also save up to 50 per cent on Sheridan at Myer. The top-rated Bayley Stripe Washed Percale Sheet Set in Lemon is down to half price while the Reilly Stripe Quilt Cover Set in Atlantic is 40 per cent off. Our friends at Dyson are being extra friendly and still playing host to their mega EOFY sale with up to 50 per cent off selected items including $600 off the Dyson Gen5detect Complete vacuum and $500 off the Dyson V8 Absolute vacuum. Plus, Amazon Prime Day may be officially kicking off tomorrow but some mammoth early deals have already landed. Save time vacuuming with huge discounts on Roborock including $501 off the Roborock S7 Max Ultra Robot Vacuum and Vibrating Mop ($1498, down from $1999). And for a more affordable option, you can nab 33 per cent off the Roborock Q7B Robot Vacuum ($398, down from $599). And, get your personal hygiene up to scratch with major savings on Philips electric trimmers and shavers. The top-rated Philips OneBlade 360 is now down to just $88.79 while the more luxe Philips Shaver Series 9000 Electric Shaver is 43 per cent off, down to $342. Finally, get your winter wardrobe sorted with up to 50 per cent off JAG and up to 50 per cent off Strandbags including an extra 20 per cent off already reduced selected leather items. Happy shopping. In this article Please note: price are correct and products in stock at time of publishing. We'll do our best to keep this story updated, but be aware products move fast during sales events. EDITOR'S PICKS: BEST DEALS OF THE WEEK Bed, Bath N Table 30 per cent off silk collection Up to 40 per cent off Milano linen Shop the clearance sale Up to 60 per cent off flannelette Up to 30 per cent off flannelette pyjamas Amazon Australia The Good Guys Myer Up to 50 per cent off stocktake sale Up to 50 per cent off women's fashion 50 per cent off Sleepmaker Huge savings on selected appliances by Breville, KitchenAid, Philips, De'Longhi, Shark and more 50 per cent off selected quilt covers and sheets 50 per cent off dinnerware, glassware and more Up to 50 per cent off Sheridan Up to 50 per cent off Rodd & Gunn 30 per cent off women's intimate apparel Up to 40 per cent off men's footwear Selected men's jeans from $49 25 per cent off men's formal suits 15-25 per cent off toys Up to 20 per cent off LEGO Up to 30 per cent off selected fragrances 40 per cent off Revlon and Nude by Nature 40 per cent off Jamie Oliver by Tefal Hard Anodised Induction Frypan 30cm in Coal Grey for$131.99 (down from $219.99) 40 per cent off Jamie Oliver by Tefal Cooks Classic All-In-One Pan with Lid 30cm/5 in Coal Grey for $179.99 (down from $299.99) Lego The Iconic Spend and save up to 25 per cent off Up to 40 per cent off school holiday essentials Up to 60 per cent off the end of season sale Up to 60 per cent off designer clearance Dyson Sephora Samsung Save $300 off the Galaxy Tab S10+ Up to $400 off Galaxy S25 Series Up to $400 off Galaxy S25 Edge Up to $350 off Galaxy S24 FE eBay Save big on Devanti heaters Up to $120 off winter picks 86 per cent off the BLACK LORD Treadmill Electric Walking Pad Under Desk Home Office Fitness Black 26 per cent off the PlayStation VR2 Gaming Headset – White Smilie Up to 40 per cent off sale $100 off Smilie Boost Teeth Whitening Kit, $119 (down from $219) Yinahla SmilePro 50 per cent off the Advanced Teeth Whitening Kit, $104.50 (down from $209) Bae the Label Up to 40 per cent off sale The Oodie Sleeping Duck Sleep Firm 20 per cent off mattresses My Queensland GLAMRDiP Unwritten Hair Emamaco Shop the epic outlet sale Emma Sleep Up to 55 per cent off sale 55 per cent off the Emma Luxe Pro Mattress 45 per cent off the Emma Comfort Essential Mattress 40 per cent off the Emma Diamond Hybrid Mattress 10 per cent off the Emma Metal Bed BEST TRAVEL DEALS Inspiring Vacations Monos 20 per cent off sitewide using code SUMMER Antler Spend and save up to 30 per cent American Tourister Spend and save up to 40 per cent off July Bundle and save up to $125 off Samsonite Spend and save up to 40 per cent off Strand Up to 50 per cent off sale BEST HOME DEALS Breville Up to $600 off sale $200 off the Smart Oven Pizzaiolo, $799 (down from $999) $150 off the 3X Bluicer, $399 (down from $549) Origin Mattress Up to 45 per cent off sitewide Pillow Talk Shop the winter sale Bed Bath N' Table Up to 60 per cent off the clearance sale Sheridan 40 per cent off the 1200TC Millennia and Palais Collection Sheridan Outlet 50 per cent off towels, sheets, robes and more Freedom 50 per cent off any second item Our Place $295 off the Cookware Set, $650 (down from $945) Temple & Webster Up to 50 per cent off sale James Lane Up to 50 per cent off sale Adairs Spend and save up to $200 off No. 22 Home Shop the sale Canningvale 50 per cent off sitewide KitchenAid Shop the sale event Sheet Society 20-50 per cent off selected styles Ninja Up to 60 per cent off sale Miss Amara Up to 60 per cent off sitewide Maison Balzac 25 per cent off selected styles BEST TECH DEALS Lenovo Up to 43 per cent off sale HP Vodafone Get 50GB for just $49/mth Bose Shop the mega sale JBL Up to 50 per cent off sale LG Up to 30 per cent off sale Sonos BEST FASHION DEALS Witchery Shop the epic end of season sale Novo Shoes Shop the sale Bonds 40 per cent off zippys and kids sleep Cotton On Up to 50 per cent off sale Calvin Klein 30 per cent off full price styles 40 per cent off jackets and outerwear Viktoria & Woods Up to 50 per cent off the end of season sale CAMILLA AND MARC Up to 40 per cent off selected styles Country Road Up to 50 per cent off selected styles Target Australia 30 per cent off selected Lily Loves Manning Cartell Up to 60 per cent off sale dresses, tops, skirts and more Under Armour Shop the outlet sale Lorna Jane Shop the outlet sale Adidas Shop the outlet sale Nike Up to 40 per cent off sale Tommy Hilfiger 30 per cent off selected styles Shoe Warehouse Up to 60 per cent off sale Extra 25 per cent off already reduced boots Meshki 30-60 per cent off sale Gorman Up to 50 per cent off sitewide Princess Highway 20-60 per cent off sale Dangerfield 20-60 per cent off sale Coach Outlet Spend and save up to 50 per cent off Oroton Up to 40 per cent off selected styles Christopher Esber Shop the end of season sale Elka Collective Shop the end of season sale Stylerunner Up to 50 per cent off sale Betts 30-70 per cent off everything Le Specs 30 per cent off selected styles ASOS BEST HEALTH AND BEAUTY DEALS Priceline Up to 50 per cent off clearance beauty Buy two, save 20 per cent tbh skincare Spend and save up to 30 per cent Boost Lab Spend and save up to 30 per cent off Kiehl's 20 per cent off the winter sale SkinCeuticals 20 per cent off routine sets MAC Cosmetics Up to 40 per cent off sale Sephora LELO Up to 40 per cent off sale iHerb 21 per cent off sitewide (when you spend over $70) Lovehoney Up to 70 per cent off clearance Shaver Shop Up to 75 per cent off sale Laser Clinics Australia 50 per cent off selected hair removal and selected skin treatments Wild Secrets Sign up to our weekly shopping newsletter to get the best deals, shopping tips and guides delivered straight to your inbox.
West Australian
30-06-2025
- West Australian
‘More money out there than we think': Harvey Norman chair Gerry Harvey on EOFY sales splurge
Harvey Norman chair Gerry Harvey reckons shoppers have cast aside the cost of living crunch to snap up bargains during the end of financial year sales, saying 'there's more money out there than we think'. Australians are tipped to spend a whopping $10.5 billion during EOFY sales in June, despite the mid-year clearance discount season not often attracting the same level of hype as the Black Friday or Boxing Day promotional events later this year. Most retailers run their sales from early June to the end of the month, with some continuing through early July. For Mr Harvey, EOFY sales at his furniture, electronics and white goods business — which has hundreds of stores across Australia, Europe and Asia — had been 'much stronger than I would have anticipated'. 'There's a million more people in Australia now than there was two or three years ago and I think that there's more money out there circulating than we think,' Mr Harvey told The West Australian on Monday. 'There's been an awful lot of publicity on how tough things are but you've still got unemployment at a very low level. 'If you go to a restaurant at the moment, it's not uncommon to see them very full and you and I can go in there with two friends and we walk out spending $400 or $500 at least.' The Reserve Bank of Australia in May delivered the second rate cut this year in some much-needed financial relief for millions of cash-strapped mortgage holders. Some analysts are expecting three more cuts this year. 'People are a little more confident than they would have been had there not been those two interest rate drops,' Mr Harvey said, adding his artificial intelligence-led computers and devices have been popular during the EOFY sales. Robot vacuums are also in demand. Chloe Lennon was out shopping with friends Eolise Sheldrick and Issy Renough on their first day of school holidays. Cotton On, Universal Store, General Pants Co and Sephora were among the shops the 15-year-olds hit up on Monday. 'I'm going away to Italy soon so I needed to buy some t-shirts,' Ms Lennon said, adding there were 'lots of sales'. 'It wasn't too busy because I think people are still at school.' Karrinyup centre general manager Trudy Cook said it continued to receive strong demand for EOFY sales, with an increase in foot traffic at the centre compared with last year. 'Our shoppers are taking advantage of the major discounts on offer during our EOFY sales period to purchase premium items at significantly reduced prices,' she said. 'Our best-selling products during this year's sale include luggage, household appliances, tech and gaming consoles and home furnishings.'
