A tax-effective plan for the future
Being your own boss means you’re responsible for your superannuation contributions.
It also means you’re not obliged to make any payments.
This can disadvantage people who forgo super contributions in order to pump more money into their business, invest in new equipment, or simply to pay the bills. It means they may not have enough put aside for retirement.
To help offset this, the government offers a number of special concessions for self-employed people, including:
- A tax deduction on super contributions up to $25,000 that you make for yourself
- Government co-contribution to help top up your super if you earn less than $50,454 per annum