Contributing to your super is a great way of saving for retirement.
If you are self-employed, you don’t have to make superannuation guarantee payments for yourself. But you may choose to contribute to super anyway. And there are provisions and enticements for you to do so.
Most self-employed people under the age of 75 can claim deductions for contributions they make to their superannuation. You can make these contributions regularly throughout the financial year, or in a lump sum. Contribution caps still apply, so make sure you stay under the cap to avoid paying the excess Concessional Contribution Charges.
Providing First Super with your Tax File Number will also ensure you don’t pay more tax than you have to.
If you are a low-to-middle income earner, you may also be eligible for the Government Co-contribution on any contributions you make that you do not claim as a deduction.
This is a sponsored advertising promotion by First Super Pty Limited (ABN 42 053 498 472, AFSL 223988) as trustee of First Super (ABN 56 286 625 181). This publication may contain general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consult the Product Disclosure Statement (PDS) firstsuper.com.au/pds before making any investment decision. Before making a decision to combine your superannuation, you should consider any costs, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial adviser. Past returns are not a reliable indicator of future returns. Content was accurate at the date of issue in July 2020, but may subsequently change. Please contact First Super on 1300 360 988 for updated information or to obtain a copy of the PDS. No commissions or fees are paid to NZ Relo as part of this promotion, apart from advertising costs.