Super for the Self-employed
As a self-employed business person, you are not required to contribute to a super fund. However, you may wish to consider super as a way of saving for your retirement.
From 1 July 2007, most self-employed people will be able to claim a full tax deduction for contributions they make to their super until age 75. You may also be eligible for the Super Co-contribution payment.
You also need to make sure you give your super fund (or ensure your super fund has) your tax file number, otherwise:
- Your super may be taxed an additional 31.5%, and
- Your fund wont be able to accept member contributions from you, which may mean you'll miss out on any super co-contibutions you may be eligible for from the government
A Grade Tax Accountants Penrith on (02) 4731-1405 offer a full range of taxation and accounting services, bookkeeping, tax returns, superannuation advice and planning.
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