Although it’s compulsory to pay any staff you employ regular super guarantee payments, when you’re self employed, for example as a sole trader or in a partnership, paying yourself super is optional.

It’s up to you to set up your own super to save for your future and its best to make a plan early so you can build for a comfortable retirement. 

At BUSSQ we understand what life’s like for self employed workers in the building and construction industry and we’re here to help you access the benefits of saving for your retirement with super.

The Benefits of Super

If you’re self employed saving for your retirement by contributing to super has benefits.

Super contributions are taxed at 15%

Contributions to super are taxed at a concessional rate of 15%, which is less than the lowest marginal tax rate.

You can make contributions as regular payments or irregular lump sum contributions whenever you can afford them.

Super contributions can be tax deductible

You can claim a tax deduction for contributions you make into super up to the concessional contributions cap.

The concessional contributions cap is currently $27,500 per year however you may be eligible to contribute more under the carry forward rule or with catch up contributions.

Tax free income

During retirement the earnings from a Retirement Income account are tax free and in some cases the income that you draw from these accounts is also tax free. These benefits become available to you once you reach your preservation age.

Capital gains tax exemption

When selling active business assets under the small business retirement exemption you can reduce or be exempt from any capital gains tax liability if you contribute the proceeds from the sale into a complying super fund. There are eligibility criteria you must meet to access this exemption.

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BUSSQ members have access to personal financial advice on insurance, investment choice, contributions and retirement at no extra cost*.  

Be you with BUSSQ Building Super

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You should regularly review your insurances to check you have the right cover for your family and business and are not paying too much?

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*Personal advice is limited to BUSSQ products. The cost of this advice is included in the BUSSQ Trustee related costs and is provided by Link Advice Pty Ltd (ABN 36 105 811 836 AFSL 258145).