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Self-Employed? Have you got your Super sorted?

If you are self-employed, you may not have a retirement savings plan sorted. Ensure you have a strong plan set up now. #superannuation #retirementsavings #selfemployed #tipsforcontractors


When you’re employed, your employer makes compulsory contributions to your superannuation. When you work for yourself as a sole trader, or you’re in a partnership, making super payments isn’t mandatory; however, it’s still an important thing to consider.

Retirement savings contributions are there to set you up in retirement. Generally, investing money into super will give you better investment returns than just putting it into a bank account. Plus, because the money is effectively locked away until retirement, there’s no temptation to dig into it in the meantime.

Chances are you’ve worked for an employer at some point, and have an existing super fund to add to. If you’ve never worked for anyone, it’s probably time to set up a fund. You can make regular contributions or make lump sums less frequently, to suit your cash flow. Contributions that you make will still benefit from tax savings, and these can mount up.

Another thing that’s very handy for the self-employed and generally offered through your retirement fund is insurance. Your fund may offer you life insurance and income protection insurance. Make sure that you take the time to really understand these policies, as the payout amounts may not offer enough money to replace the income you earn through your business. You may want to source an additional policy as a top up.

If your business is a company and/or you employ staff, you are responsible for making super payments for eligible employees. There can be serious penalties for failing to do this, so take the time to fully understand your responsibilities.


For the 2018/2019 financial year, eligible individuals can make concessional contributions of up to $25,000. Contact us today for more information regarding how you can make tax-deductible super contributions work for you before 30 June!


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