VICDOC Autumn 2025 - Magazine - Page 40
BO N G I O R N O G RO U P PA RT N E R
CATCH UP AND CONQUER:
A SMARTER SUPER
PLAN FOR WOMEN
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If you’re a woman working in medicine,
your career might not have followed a
straight path. Maybe you’ve taken time off
for maternity leave, switched to part-time
work to balance family commitments,
or worked as a contractor without
consistent super contributions. Good news
is that Superannuation Catch-Up gives
you a chance to boost your retirement
savings and get back on track. Here’s how
it works and why it’s a game-changer
for women in medicine.
WHAT’S THE CATCH-UP RULE ALL ABOUT?
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The super catch-up lets you access unused
concessional (pre-tax) contribution caps for
up to five years. This means you can make
extra contributions in a single year to give
your super a healthy boost—and enjoy
some handy tax perks while you’re at it.
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AMA VI C TO RIA
KEY THINGS YOU NEED TO KNOW:
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1. HOW MUCH YOU CAN CONTRIBUTE:
For the 2023/24 financial year (FY),
the concessional contribution cap was
$27,500 (it’s now $30,000 in FY25). This
includes your employer’s Super Guarantee
and any extra contributions you make, like
salary sacrificing or personal payments
that you claim a tax deduction for.
2. WHO’S ELIGIBLE:
To use Super catch-up, your total super
balance must be under $500,000 on
June 30 of the previous financial year.
If you’re aged 67-74, you’ll need to meet
extra work test requirements.
3. HOW IT WORKS:
Let’s say you only contributed $17,500 to
your super last year. That means you’ve
got $10,000 of your $27,500 cap left over.
This year, you could put in up to $40,000
($30,000 cap for FY25 + $10,000 unused)
and claim a tax deduction.
