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Check super deadlines for this EOFY
Article published on: 08-05-2025When providing super contribution advice this end-of-financial-year, clients may need to make the contribution or take other action well ahead of the 30 June deadline.
Many super funds are now providing details of the cut-off dates for accepting contributions and instructions for this end-of-financial-year. The dates provided by many super funds refer to when the contribution or documentation must be received by the fund. Remember that different funds may have different dates, as well as specific times on days (eg 3pm on 27 June 2025).
Ensure contributions are ‘made’ in time
Contributions must be ‘made’ and this occurs when the super fund has received the amount.
Sufficient time must be allowed for the contribution to be received by the super fund, if the contribution is:
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intended to be assessed against the current financial year’s contribution cap, or
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required to be made within a particular time frame (eg downsizer or small business CGT contributions).
If a contribution isn’t received by the super fund by the cut-off dates, it hasn’t been ‘made’ and the amount will be received in the 2025/26 financial year. Super funds can’t backdate a transaction, as the amount has already been received.
For example, a strategy for a client could be to make a non-concessional contribution (NCC) of $120,000 this financial year and then an NCC of $360,000 next financial year. Mistiming the $120,000 contribution will impact the ability to maximise the NCCs over the two financial years.
BPay® and direct debit
The timing of payments via BPay® can vary and clients should check with each super fund. Direct debit requests must be received earlier by super funds, as it’s necessary to allow time to set up and implement the request. Again, if the amount isn’t received in the fund’s account by 30 June, it hasn’t been made in this financial year.
Recontribution strategy
If a recontribution strategy is to be completed this financial year, ensure the instructions are received by the necessary date. Depending on the super fund’s processes, underlying assets may need to be sold or transferred in-specie to an IDPS (see below) to support the transaction. However, these processes can take time.
If the recontribution hasn’t been finalised prior to the end of the financial year, the recontributed amount may be received in the new financial year.
In-specie transfers
In-specie transfers can require considerable lead time. Some super funds have indicated that up to six weeks is required for managed funds. This means such instructions must be received in May.
Employers using a clearing house
The ATO reminds employers that payments made via the ATO superannuation clearing house can take up to seven business days to be received by the super fund. An employer needs to be mindful of the cut-off date if wanting to claim a tax deduction for those contributions in the current financial year.
This issue isn’t unique to the end of the financial year. It’s a consideration for employers to ensure contributions throughout the year are also made on time, such as quarterly Superannuation Guarantee contributions.
Opening a super or pension account
If a client wants to open a super account and also wants to make a contribution to that account in this financial year, ensure you allow even more time before the cut-off dates. If insufficient time is available to set up the account, the contribution cannot be made and is likely to occur in the new financial year.
If an account based pension is being commenced in the current financial year, there are key timeframes for the application to be received. Some super funds have different timeframes for pensions starting in June depending on whether a pension payment will be made prior to 1 July.
Advice tip: Account based pensions started in June are not required to pay a pro-rata minimum payment prior to the end of the financial year.
Receiving payments
Requests for withdrawals, including lumps sum and additional/adjusted pension payments, which are intended to be received in the current financial year, must be received by the super fund’s cut-off date. This can also include instructions to rollover to an external super fund.
Notice of intent for contributions in 2023/24
A notice of intent must be lodged before the earlier of the:
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time the client lodges their tax return, or
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end of the following financial year.
These timeframes also apply if a client has previously lodged a notice of intent and is eligible to lodge a variation.
If a client hasn’t yet lodged their tax return for 2023/24 and wants to claim a tax deduction for personal contributions made (or make a variation), the notice must be submitted before 30 June 2025.
A client may have a reduced deduction or no deduction, if any of the following has occurred:
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full or partial rollover
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full or partial withdrawal
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commencement of a pension using any part of the super interest.
If the notice hasn’t been lodged within the required timeframes, the client cannot claim the tax deduction. The legislation provides no discretion to allow a longer timeframe for either a super fund trustee or the ATO. This may have flow-on consequences for some clients, as the amount continues to be an NCC and may create an excess or trigger the bring forward rule.
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