27 Grange Road, Cheltenham, Victoria, Australia, 3192

Assisting Clients to Prosper

Super for the self-employed

Many small business owners don't start paying super for their retirement until they are into their 50s. Often they see their business as their major retirement asset, however sadly, this is rarely the case and the value of the business usually drops significantly when the owner stops working (unless they have deliberately set it up for succession. Hint: talk to us early).

It helps to start paying into your super account early. The longer you contribute to super, the larger your retirement income will be when you stop working.  Compound growth is a wonderful thing but it requires time – years.

Being self-employed, you can usually claim a full tax deduction for contributions you make to your own super until you turn 75 up to the contributions caps. You may also be eligible for the super co-contribution payment.

You may want to discuss strategies for retirement planning with us now. Now is the time to act!

Claiming deductions for personal super contributions

You may be able to claim a tax deduction for personal contributions you make to your superannuation (super). This includes people who get their income from:

  • salary and wages
  • a personal business (for example, self-employment)
  • investments (including interest, dividends, rent and capital gains)
  • government pensions or allowances
  • super
  • partnership, companies or trust distributions
  • a foreign source.

Keep in mind that contributions you make may attract extra tax if they exceed the contributions limit for that year.

You may also be eligible for the super co-contribution payment

This helps eligible low-to-middle income earners save for their retirement. If you're eligible and you make personal super contributions, the government will match your contribution up to certain limits, unless you have already claimed your contribution as a tax deduction.

Super co-contribution help eligible people boost their retirement savings.

If you're a low- or middle-income earner and make personal (after-tax) contributions to your super fund, the government also makes a contribution (called a co-contribution) up to a maximum amount of $500.

The amount of government co-contribution you receive depends on your income and how much you contribute.  When you come in to lodge a tax return, we can work out if you're eligible. The way your co-contribution is calculated depends on the financial year in which you made your personal super contributions.


Eligibility for the super co-contribution

You will be eligible for the super co-contribution if you can answer yes to all of the following:

  • you made one or more eligible personal super contributions to your super account during the financial year
  • you pass the two income tests described below  
  • you were less than 71 years old at the end of the financial year
  • you did not hold a temporary visa at any time during the financial year (unless you are a New Zealand citizen or it was a prescribed visa)
  • you lodged your tax return for the relevant financial year.

From the 2017-18 financial year:

If this extra source of funds for your retirement is of interest to you, you should talk to one of our Accountants or speak with Jenny Smith, our Head of Superannuation – 9580 9866.









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  • "Hi Ross, I just thought that I should tell you that Monty has been helping me with a problem I had with Gracott over the past few months. In this time, his help has been well above what would normally be considered normal for an accountant's role. I have been very grateful for his assistance. …… I thought I should pass this on to you personally."
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