Self Employed?

Superannuation is important for all Australians, even if you’re self-employed and especially because you don’t receive regular employer contributions. Retirement is an important goal and it’s even more imperative you don’t fall behind.

Generally, if you are self-employed you can make a contribution to super and claim it as a tax deduction. And you may still be able to claim government co-contributions if you make after-tax contributions.

As these Personal contributions are coming from your pre-tax income that you claim as a tax deduction , they are considered concessional contributions.

They attract the contributions tax of up to 15%. This can make claiming a tax deduction tax-effective if you are earning over $37,000.

To be considered self-employed, no more than 10% of your total:

  • assessable income (ie gross income before tax deductions)
  • reportable employer superannuation contributions, and
  • reportable fringe benefits,

for the financial year may be earned as an employee. This means you need to earn at least 90% of your income from your self-employed work.