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Choosing to make personal super contributions
Posted by Team AVS on 12 Nov, 2024 0 CommentsIf you're self-employed as a sole trader or in a partnership, you don't have to pay super guarantee for yourself.
You can choose to make personal super contributions to save for your retirement.
Make sure your super fund has your tax file number (TFN). If not:
contributions are taxed an additional 32%
your fund may not accept personal contributions
you may miss out on a super co-contribution, if eligible
it will be harder to keep
Work out when employers need to pay super guarantee and which employees are eligible.
When super guarantee is required
If you pay a worker, you are also required to pay them super guarantee:
Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant.
Employee age – for employees who are
18 years or older, you pay it regardless of how many hours they work
under 18 years old, you
When super guarantee is required
If you pay a worker, you are also required to pay them super guarantee:
Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant.
Employee age – for employees who are
18 years or older, you pay it regardless of how many hours they work
under 18 years old, you
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