VICDOC Autumn 2025 - Magazine - Page 41
As working women, we often face unique
challenges when it comes to building
super. Career breaks, part-time work, and
caregiving roles can all mean less money
going into your account. The catch-up rule
is here to help even the playing field, giving
you the chance to grow your super faster
when you can.
For women in medicine, this is a big deal.
Whether you’re running a practice, working
shifts, or juggling multiple roles, making
extra contributions could make a huge
difference to the saved funds you have
available when you retire.
HOW TO MAKE THE MOST OF IT
-
1. KEEP AN EYE ON YOUR SUPER BALANCE:
If your balance is over $500,000 on
30 June, you are unable to make a carry
forward concessional contribution.
However, if your super balance is below
$500,000 in a later year on 30 June,
you’re back in a position to top up.
2. SET UP REGULAR CONTRIBUTIONS:
Automating monthly contributions is
a great way to stay consistent without
scrambling for a big lump sum at the
end of the year. It’s a “set it and
forget it” approach.
3. USE SPOUSAL CONTRIBUTIONS:
If you have a high Super balance,
think about splitting contributions
with your spouse. This could help
you stay under the cap and make
the most of your options.
TAKE CONTROL OF YOUR FUTURE
-
The catch-up rule isn’t just about
saving on tax; it’s about taking charge
of your financial future. By using these
contributions, you can bridge the gap,
grow your retirement nest egg, and feel
more confident about what lies ahead.
FINAL THOUGHTS
-
As a medical professional, you spend
your working days looking after others.
Isn’t it time to look after yourself? Chat
with a financial adviser to figure out the
best strategy for you. The sooner you
start, the better off you’ll be.
As this general advice has been
prepared without taking account of your
objectives, financial situation or needs,
you should consider the appropriateness
of this advice before acting on it. If this
general advice relates to acquiring a
financial product, you should obtain a
Product Disclosure Statement before
deciding to acquire the product.
Vanessa smith BBus (Acc),
CFP®, SSA®, Adv Dip FS (FP),
Cert IV FMB | Director – Advice
Bongiorno Group
For further information or to book
a complimentary meeting, please
phone 03 9863 3111 or email
amav@bongiorno.com.au
4. WATCH OUT FOR HIGH INCOMES:
If you’re earning over $250,000, extra
contributions might be hit with a 15%
Division 293 tax. A financial adviser can
help you navigate this. Check out our
‘The Money Doctors’ podcast episode
about this topic called ‘The Dreaded
Div 293’ for more information.
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