A lot of people make the mistake and think that because they are self-employed that they don’t have a lot of options when growing their wealth. True you might have a lot of assets tied up in your business, but you can make the most of super as well!
Full tax deduction for all super contributions
Many self-employed Australians can claim a full tax deduction for all your super contributions instead of a just a portion of them. But remember to keep an eye on how much contribute; penalty tax applies to contributions that exceed statutory limits.
Depending on your annual salary, each dollar you contribute to super may be matched with a co-contribution from the Government of $1.00, up to a maximum of $1,000 per year. Visit our super co-contribution page for more information.
Do you have enough insurance?
It is estimated that over 60% of Australians are underinsured*. If anything happened, could you cover the costs of repaying the mortgage, paying bills and meeting medical or funeral expenses? This is especially important if you are self-employed. A range of personal insurances are available to you through super and investment products for example life insurance or income protection.
Transition to retirement
If you are self-employed and aged between 55 and 65, whilst you are still working you can access the benefits of a transition to retirement (TTR) strategy. Click on our TTR page to find out more about the benefits of one of the most popular strategies for imminent retirees.
The right advice can make a real difference
Your financial adviser can help you not only navigate the road to financial success, but they can also help you in your small business strategies, as most likely they are a small business owner themselves. Click here to find a financial adviser in your area.