If you are running your own business, it can be hard to find time to think about your super. But while you are building your business, it is important to build your super too.
Research shows that around 19% of self-employed people have no super savings*. Paying yourself super is not compulsory if you are self-employed, but you need to build your super if you are going to save enough for retirement.
The tax breaks available to self-employed people can make super a very attractive way to save. Your super contributions can be claimed as a tax deduction and, once inside the super system, your money is taxed at favourable rates.
Most self-employed people can contribute up to $25,000 per year into their super fund and receive a tax benefit.
You can choose to pay yourself super regularly as an employer would or send a lump sum when your cash flow allows.
*Source: Association of Super Funds of Australia