Get your super ready for tax time

As the end of financial year 2025 approaches, here are some practical ways to make sure your super is working as hard as you are, and maybe even give your tax return a little boost. 

The government’s co-contribution scheme helps give the super balances of low and middle income earners a little boost.  

If you earn less than $60,400 in the 2025 financial year and make personal after-tax (non-concessional) contributions to your super, the government may also make a contribution of up to $500. 

There are a few eligibility criteria, you can read all about it here. 

If you earned up to $37,000 this year, you may be eligible to receive a low income super tax offset (LISTO) payment of up to $500.

 You don't need to do anything to receive a LISTO payment, just make sure your super fund has your tax file number. 

The LISTO payment is 15% of the concessional super contributions you or your employer pays into your super fund, which includes superannuation guarantee payments, up to $500.

The LISTO is 15% of the concessional super contributions you or your employer pays into your super fund, that includes the superannuation guarantee, up to a maximum of $500.  

It’s designed to ensure that if you are on a lower income, you don’t pay more tax on your super contributions than you do on your take-home pay.

This government scheme allows you to save money for your first home in your super fund.

If eligible, you can make voluntary contributions both before-tax (concessional) and after-tax (non-concessional) and withdraw up to $50,000 plus earnings when you’re ready to buy.

You can include up to $15,000 of voluntary contributions per financial year, with a maximum of $50,000 across all years.

The concessional contribution cap this financial year is $30,000.

If you have room left in your cap, you can make extra contributions. But don’t wait until the last minute. Payroll deadlines and processing times can trip you up, so do this  before 23 June.

To check where you're up to:

• Log in to your ATO account via myGov

• Select Super > Information > Concessional contributions

Concessional contributions are taxed at 15%, making them a tax-effective option if you earn more than $45,000 (since your marginal tax rate is likely higher).

Note If your before tax income is above $260,869.56 this financial year, and your employer contributes the full 11.5% superannuation guarantee, this will use up all of this year’s concessional contribution cap. This means you can only make additional concessional contributions this year if you meet the rules to use unused cap amounts from prior years.

You can claim a tax deduction for your personal super contributions if they fall under the concessional contribution cap.

Verve members can submit a notice through your online account! Simply log in, click on ‘Contributions’, and then select ‘Notice of intent to claim a tax deduction’ and follow the prompts.

You can also notify us using the approved ATO form, but logging into your online account is faster, and easier.

Full eligibility criteria is on the ATO website.

If your super balance was under $500,000 on 30 June 2024, and you haven’t used all of your cap in the past five years, you may be able to carry it forward.

This lets you make a larger concessional contribution this year and potentially reduce your taxable income.

Contributions to your super made from your after-tax income are called non-concessional contributions. This year’s cap for these contributions is $120,000.

Under the non-concessional contribution cap rules, you can also bring forward the cap from the next two years if you are under 75 and your super balance is less than $1.66 million.

To check your contributions:

• Log in to your ATO account via myGov

• Select Super > Information > Non-concessional contributions

If you go over the concessional contributions cap, your excess concessional contributions will count towards your non-concessional contributions cap unless you have the funds released.

If you are 55 or older, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your super fund.

Downsizer contributions work like non-concessional contributions in terms of tax, but they don’t count towards the non-concessional contribution cap.

Criteria to be eligible to make a downsizer contribution include that you or your spouse must have owned your home for at least 10 years prior to the sale and it must have been a main residence. You also need to make the contribution within 90 days of receiving the proceeds from the sale.

Got questions about tax time, contributions, or our new investment options? You don’t have to figure it out alone. Our super coaches are here to help at no additional cost to you.