Australians risk missing out on valuable superannuation tax benefits before the end of the financial year, with new research from HESTA finding many are either unaware of available options or unlikely to take action.
In response, the fund has launched “Super Saturday”, designating 20 June as a day for Australians to spend time reviewing their superannuation ahead of the 30 June deadline. The initiative coincides with what HESTA expects will be the peak weekend for tax-time super activity.
The research found 58 per cent of members were not planning to take advantage of any superannuation tax benefits before the end of the financial year, while around one in three workers cited cost-of-living pressures as a key barrier to taking action.
HESTA chief executive Debby Blakey said the findings highlighted the need for greater awareness and support.
“Super Saturday is about making sure people are aware of the opportunities available to them that can make a real difference to their retirement,” Blakey said.
“Given cost-of-living pressures, top-up contributions will not be suitable for everyone, but there are other options and it’s a great opportunity to check in on your super.
“Small steps can help, like seeing if you’re eligible for the government co-contribution, consolidating old accounts or considering your retirement strategy. Understanding where you are now and where you are heading builds confidence and supports future decision-making.
“We’ve launched Super Saturday as our research suggests people are more likely to act if they have access to simple guidance and encouragement. As the tax time window closes, we want more Australians to take the opportunity to put their financial futures first.”
Although most respondents were familiar with salary sacrifice arrangements and personal after-tax contributions, awareness of other super-related tax strategies remained below 50 per cent, highlighting a broader gap between awareness and action ahead of the end of the financial year.
Cost-of-living pressures continue to weigh on engagement, with 29 per cent of respondents saying rising household expenses had affected their ability to manage their superannuation.
At the same time, the survey suggested many Australians could be persuaded to act if support was simplified.
Around 57 per cent said they would be more likely to take action before 30 June if they had access to straightforward assistance, such as a step-by-step guide, a personalised reminder or a simple calculator.
HESTA said member activity typically accelerates in June, with previous years showing voluntary contributions quadrupling during the month.
The value of spousal contributions has historically increased six-fold, while salary sacrifice contributions have risen by around 30 per cent compared with other periods of the year.
The fund also noted that voluntary and spousal contributions have increased by more than 20 per cent in June over each of the past two years, reflecting growing engagement with end-of-financial-year superannuation strategies.
As part of its Super Saturday campaign, HESTA encouraged members to consider making additional contributions, checking their eligibility for the government co-contribution scheme, reviewing contribution-splitting opportunities with a spouse, consolidating multiple super accounts and assessing their investment strategy and retirement plans before the financial year closes.
