18 January 2017
Many small business owners don’t start paying super for their retirement until they are into their 50s. Often they see their business as a retirement asset, however, the value of the business usually drops significantly when the owner stops working.
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.
Being self-employed, you may be able to claim a full tax deduction for contributions you make to your own super until you turn 75. You may also be eligible for the super co-contribution payment.
You may want to discuss retirement planning with your accountant or tax agent. Now is the time to act!
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