Superannuation for women

Women face special challenges when it comes building a strong super account.
 
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02.Tips for managing your super

  • Take advantage of the Spouse Contribution scheme. It offers a tax offset on contributions made by a working spouse to their non-working or low-income-earning partner. 
  • Read up on family assistance benefits. If you’re a primary carer who earned less than $150,000 in taxable income in the previous financial year, you could be eligible for paid parental leave. Alternatively, you could be eligible for the baby bonus if your family income in the six months after you have your child is less than $75,000. 
  • Investigate the Super Co-contribution scheme. It’s a government initiative designed to assist low- and middle-income earners boost their savings. The scheme offers to match any personal super contributions at 50c on the dollar up to $500. 
  • Consolidate your super funds. If you’ve changed jobs a few times, chances are you’ve had several super funds. Take the time to find lost superannuation and consolidate it into one manageable plan so you don’t pay multiple management fees. 
  • Salary sacrifice. Asking your employer to pay part of your pre-tax salary into your superannuation fund can be an effective way to increase super balances. 
  • Consider life insurance and income protection insurance – the earlier in life the better. Both can be difficult and expensive to acquire if you develop a serious illness. 
  • Seek legal advice in the event of a marriage breakdown. Changes to the law mean super entitlements may now be shared between you and an ex-spouse. Get the lowdown from a family law practitioner.
 

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