How women hit hard by Covid-19 can maximise EOFY to rebuild super

Women have been hit hard by covid-19 when it comes to their finances and particularly superannuation.With EOFY (End of Financial Year) approaching, how can women maximise this opportunity to rebuild some lost super?

Maximising EOFY to rebuild super after covid-19

With vastly more Australian women than men hardest hit with higher job losses, the end of the 2020 financial year is a chance to make amends, financially speaking. You can read some media articles from the Sydney Morning Herald and News.com.au.

There are a number of simple ways for women to save money, reduce tax and rebuild superannuation balances before June 30, EOFY.

Don’t touch that next $10k of super

Around 2 million adults had applied for early access to super before 30 June. The next chance to release another $10,000 of superannuation early is 1 July.

The team at Super-Rewards suggests women (and men) think twice before they touch it, as each dollar in super could be worth up to ten times more over 40 years[1], so saving now where and when you can matters.

Women still retire around with half as much super as men as a result of structural inequalities (read our blog here). This means women have less to rely on in terms of super, and also have less of a chance to recoup super monies spent now.

Earn super for shopping

Women make up to 80% of regular household purchases such as groceries, home-office furnishings, tech and food delivery. Super-Rewards encourages people to earn super on items they were already planning on purchasing.

Tax time and the end of financial year is an ideal time to take advantage of bigger-ticket items on sale, like mobiles, laptops, printers or other home-office items. Purchasing these with Apple, Lenovo, JBL, The Good Guys, Bing Lee or eBay  – all on Super-Rewards – means women and men can make the most of EOFY to rebuild super.

 

shop-with-super-rewards-earn-cash-into-super
Shop with Super-Rewards for EOFY deals and help rebuild super

 

Give back to your super

If you needed that $10,000 to survive this year, try to rebuild it as soon as you can  – don’t wait! You can do this through:

  1. DIY super top-ups. You can contribute up to $25,000 before tax from your salary including your superannuation guarantee. If self-employed, you are still entitled to pay yourself super up to $25,000 from pre-tax income, for which you can claim a deduction. Or you can make to $100,000 in non-concessional contributions from your after tax income.
  2. Claim your tax. If you make a voluntary contribution to super – if this amount keeps your overall contribution for the year under $25,000 you can claim a tax deduction. If you earn less than $53,564 the government may match your contribution up to $500.

If there was ever a good reason to start shopping with Super-Rewards – to help women rebuild lost super, while taking advantage of EOFY – now is it!

 

 

This assumes that the money is earning 6% each year.  This 6% is the average rate of return for a Balance Super Fund over the last 15 years, according to Chant West (https://www.chantwest.com.au/resources/2019-a-standout-year-for-super-funds)

 

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Retailers

This is a quick view of a collection of our retailers. To view all, please go to super-rewards.com.au

Accessories

Threadicated

Threadicated

Nautica

Nautica

katespade

Kate Spade

oroton

Oroton

witchery

Witchery

Baby and Children

kidsbrightstar

Bright Star

Bright Star Kids

Queen Bee

Queen Bee

Queen Bee

thatbabyshop

That Baby Shop

Beauty

nudebynature

Nude by Nature

fresh

Fresh

Fresh

endotaspa

Endota Spa

Endota Spa

sephora

Sephora

Sephora

Nourished Life

Nourished Life

Nourished Life

HARDTOFIND

Hard to find

Hard to find

Clothing and Fashion

modibodi

Modibodi

Modibodi

rockmans

Rockmans

Rockmans

hellomolly

Hello Molly

Hello Molly

showpo

Showpo

Showpo

ugg

Ugg

Ugg

Gabo+Kelly

Gabo+Kelly

Gabo+Kelly

Lacosta

Lacosta

Lacosta

Rodd & Gunn

Rodd & Gunn

Rodd & Gunn

THEICONIC

THE ICONIC

THE ICONIC

COUNTRYROAD

COUNTRY ROAD

COUNTRY ROAD

seike

Seike

bonds

Bonds

Lingerie and Swimwear​

sunburn

Sunwear

Sunburn

seafolly

Seafolly

brasnthings

Bras 'n Things

bendon lingerie

Bendon Lingerie

Electronics

bing lee

Bing Lee

Bing Lee

Apple

Apple

Bose

Bose

Bose

Lenovo

Lenovo

Lenovo

Men's Fashion

Gabo+Kelly

Garbo & Kelly

Rodd & Gunn

Rodd & Gunn

Food and Drink

Woolworths

Woolworths

Woolworths

BWS

BWS

BWS

marley spoon

Marley Spoon

Marley Spoon

vinomofo

vinomofo

vinomofo

jimmybrings

jimmy brings

jimmy brings

gourmet basket

Gourmet Basket

Gourmet Basket

edibleblooms

Edible Blooms

Edible Blooms

getwinesdirect

Get Wines Direct

Get Wines Direct

Home Entertainment

JBL

JBL

JBL

Home and Gifts

BookTopia

BookTopia

petals

Petals

Petals

interflora

Interflora

Interflora

livingstyles

Living Styles

Living Styles

adrenaline

Adrenaline

Adrenaline

Homewares

thegoodguys

The Good Guys

The Good Guys

lowes

Lowes

Lowes

Household

Renovation Store

Renovation Store

Renovation Store

Shoes

Hushpuppies

Hush Puppies

Ugg

Sport and Fitness

puma

Puma

Puma

footlocker

Footlocker

Footlocker

Travel

hotelscombined

Hotels Combined

Hotels Combined

travelinsurance

Travel insurance

Travel insurance

covermore

Cover More

Cover More

viator

Viator

Viator

edreams

eDreams

eDreams

qatar

Qatar

Qatar

pocruises

P & O Cruises

P & O Cruises

sta travel

Sta Travel

Sta Travel