Are you self-employed? Here’s how you can pay yourself super…

Your Super Fund

Check if your super allows contributions if you’re self-employed. This would require you to give them your TFN. Additionally, check if moving from being employed to self-employed affect your insurance cover.

 

Transfer

If you receive a wage, you should have a regular transfer into your super from your before-tax income.

If you receive income from business revenue, transfer into your super in lump sums.

 

How much?

The limit to super contributions are up to $27,500 from your pre-tax income, and $110,000 from your after-tax income. In general, employers contribute around 11% of an employees income to their super.

 

All information was sourced from moneysmart.gov.au