I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Super Tips for the Self-Employed

If you're active in handling your own business, taking the time to think about super can feel like a chore for a day. Nonetheless, with no employer to make superannuation payments on your part, what will offer your retired life if you don't make the contributions now?

Do I Need To Pay Super If I Am A Freelancer?

Superannuation or 'super', is a way of depositing savings to supply an income stream in your retired life. For most Australians, an employer will make the mandatory repayment of 9.5 percent of their earnings into a superannuation fund on a quarterly basis. This is called the Superannuation Guarantee or SG.

Unlike those working in a company, independent individuals are usually not covered by the SG. This indicates that if you are working freelance, you are not bound by legislation to make superannuation settlements.

While giving contributions to your super isn't compulsory if you are an independent worker, if you do, there might be a variety of advantages that you could benefit from, which are provided by the government as motivation to guarantee that all Australians could enjoy a comfortable retirement.

Must I pay Super as a Contractor?

If you're paid for the hours you are working, rather than an employee working on a regular basis, you can still opt for SG and your employer needs to pay your super contributions.

Look into the www.australiansuperfinder.com.au website to see if this applies to you.

Ask for Tax Deduction

One motivation for paying on your super is the complete tax deduction that is served to people categorized as 'substantially' self-employed'; that is, those who gain less than 10 percent of their earnings working for an employer. This implies that the contributions you make towards your super, around a particular factor and also before the age of 75, are concessional strained at 15 percent, instead of at marginal tax obligation prices.

If you are an independent person and would like to assert a tax deduction, there a few things to be familiar with:
• ensure that you make your contributions before 30 June to submit them as a tax deduction in that year
• concessional contributions could be tired if they exceed the payments limit, which is currently $25,000 per year for people the age of 50.

More on super for self-employed individuals are available on www.australiansuperfinder.com.au

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