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Reading time: More women than ever are working in transport and logistics but statistics show that, on average, women will retire with 24% less super than men*. Not only that, when it comes to preparing for retirement:
- Women only receive one-third of super tax concessions
- Women have to survive on lower super balances while living four years longer on average than men
- 34% of single Australian women over 60 live in income poverty
- 2022 Census data reported that women over 55 experiencing homelessness increased by 31% over the previous five years
* The Facts about Women in Super, Women in Super website
Six ways to boost your super
1. Make sure you’re with an industry fund like TWUSUPER
Since 1984, TWUSUPER has delivered strong long-term investment returns, lower fees, and insurance that covers everyone in transport to deliver a better, more secure future for people in transport.
2. Extra contributions can really help
Making extra voluntary contributions (either before or after tax) can help boost your super in retirement. Even small contributions can make a big difference down the track, thanks to the power of compounding interest.
3. Claim those tax concessions
At tax time, you could claim a tax deduction for any voluntary before-tax contributions you make to your super, up to $27,500 a year.
4. Keep your super in one place
Combining all your super into your TWUSUPER account means you’ll avoid paying multiple fees and more easily keep track of your balance.
5. Make sure your insurance is fit for purpose
Hopefully you’ll never need to use it, but you shouldn’t be paying for insurance you can’t use – many funds have occupation exclusions, but you’ll only find that in the fine print. TWUSUPER insurance covers ALL transport jobs.
6. Do you have a higher earning spouse?
If you earn $40,000 or less, your spouse* may be able to claim a tax rebate (or offset) by making an after-tax contribution to your super, or they could split their before-tax contributions with you. ATO eligibility rules apply.
Spouse contribution form - PDF
Contributions splitting application form - PDF
*To receive your contributions, your spouse must meet the age and work-hour requirements (contact us for more information). The law defines a spouse as another person (whether of the same or different sex) who is legally married to you, or a person who, although not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple. Income, for the purposes of eligibility for the rebate, includes your spouse’s assessable income, total reportable fringe benefits, and reportable employer contributions.
Speak to a contribution specialist
*Let us know your preferred contact number and preferred callback time between 9am and 5pm (AEST/AEDT) weekdays.
As a member of TWUSUPER you can benefit from the wealth of knowledge that our super specialists have. They’re here to answer your queries about contributions. The team's available between 9am and 5pm (AEST/AEDT) on 1800 222 071.
Use the form below to request a call back. Note that the call back service is available for Australian residents only. If you're overseas, please call +61 3 9192 4414.
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General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at twusuper.com.au/tmd