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  • The self-employed

    If you're a sole trader or in a partnership, you generally don't have to make super guarantee (SG) payments for yourself.

    But you may want to make personal contributions to super as a way of saving for your retirement.

    From 1 July 2017, regardless of whether you're self-employed or not, most people will be able to claim a full deduction for contributions they make to their super until they turn 75 years old. Those aged 65 to 74 will still need to meet the work test in order to be eligible to make a contribution and claim a tax deduction. 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 claimed your contribution as a tax deduction.

    Make sure your super fund has your tax file number (TFN). If it doesn't:

    • your super contributions will be taxed an additional 34%
    • your fund won't be able to accept personal contributions from you, which means you may miss out on any super co-contribution you're eligible for
    • it will be harder to keep track of your super.

    See also:

    Last modified: 29 Apr 2020QC 33761