Super strategies for your career break

Boosting your super today – even if it’s only a small amount – can make a big difference over time. This might be especially true if you’ve stopped earning income, and want to keep your super growing so that it supports your retirement goals. However, you might not necessarily have the extra money to contribute if you’ve stopped working.

Making a contribution to your super doesn’t just grow your retirement wealth down the track - it might reduce the tax you pay, too. You can generally claim a full tax deduction for your contribution as long as you’re younger than 67. This will reduce your taxable income, and the amount of tax you pay.

You may also be eligible to receive a $500 government co-contribution. Read on for more details.

If your annual income is less than $60,400 (for the 2024-25 financial year) because you’ve taken paid leave or otherwise, and you top up a super account that you don’t claim a tax deduction for, you may be eligible to receive a government co-contribution.

The government will pay up to $500 per year into your super, depending on your income and the amount of your contribution. You don't need to complete any forms or notify your super fund – it will be automatically calculated and paid into your super after you lodge your tax return.

There are also government initiatives that can help parents on a career break. For example, parents will receive 12% superannuation – or about $106 a week – on their publicly funded paid parental leave from July 2025, under a new initiative.

Curious how much super you should have for retirement? Find out today.