Australians Urged to Act Before June 30th

HESTA will launch ‘Super Saturday’ on 20th June to motivate Australians to optimise their superannuation contributions before the end of the financial year. This initiative comes as new research highlights a significant lack of awareness about available super tax benefits.

The peak weekend for tax-related activities is expected to be 20th to 21st June, according to HESTA, with a potential quadrupling of voluntary super contributions throughout the month. However, findings indicate that 58% of members do not plan to take advantage of these tax benefits.

Debby Blakey, CEO of HESTA, stated, “Super Saturday is about making sure people are aware of the opportunities available to them that can make a real difference to their retirement.”

Encouraging Action Amid Cost Pressures

The research found that 29% of respondents cited cost-of-living pressures as a barrier to managing their super. Despite this, 57% indicated they would be more likely to take action if they received simple guidance such as a step-by-step guide or a personalised nudge.

Member activity typically surges in June compared to the rest of the year. Prior years’ data shows a quadrupling of voluntary contributions and six times the value of spousal contributions, along with a 30% increase in salary sacrifice contributions. Year-on-year activity in June has been trending higher, with voluntary contributions and spousal contributions rising by over 20% for this month across the past two years.

HESTA members are encouraged to consider options like government co-contributions, consolidating multiple super accounts, and reviewing their investment strategies. For more information, members can visit hesta.com.au/super-saturday.

New research from HESTA suggests Australians could miss out on benefiting from super tax advantages before June 30. Many are unaware of the actions they can take to enhance their retirement outcomes.

To address this, HESTA has declared Saturday, 20 June as ‘Super Saturday’, urging Australians to dedicate an hour to focus on their super. The initiative coincides with the forecasted peak in tax-time activities during the second last weekend of June.

The research also reveals that, for those still working, around one in three pointed to cost-of-living impacts as a key barrier to making additional contributions. These findings highlight the importance of HESTA’s efforts to provide easy-to-follow guidance.