An industry super fund for all Australians
Call 1300 658 776
To quality as self-employed by the Australian Taxation Office, you must earn less than 10 per cent of all your earnings from an employer. Tax deductions for self-employed super contributions are only available if they are paid to a complying fund, such as Australian Catholic Superannuation.
If you’re a contractor, sole trader or self-employed, then you probably already know that superannuation is just as important for you as it is for regular employees.
But since there is no compulsory Superannuation Guarantee to make sure you have regular contributions going into your super account, you will most likely need to be a lot more involved in your superannuation. Statistics show that up to 1 in every 4 self-employed Australians do not have a superannuation account†. If you don’t put some of your income aside on a regular monthly basis, you may not have enough money to live on when you retire.
† Ross Clare & Andrew Craston. "Super and the self-employed". ASFA: the voice of super. May 2016, p.13.
There are two basic ways of making your own self-employed super contributions:
Did you know that Australian Catholic Superannuation is open to all members of the public? Enquire now to open an account today.
If you earn less than $50,454 for the 2016/2017 financial year, you may want to make an after-tax super contribution as you could qualify for a Government co-contribution. Find out more about the bonus co-contributions you could receive and how much you need to contribute in order to receive it.
You can claim a deduction for contributions if you are self-employed and between the ages of 18 to 75.
If you are over 75 years old, you can only claim a deduction for contributions you made up to the month after you turn 75. If you are under 18, you can only claim a deduction if you earned income as an employee or as a business operator during that income year.
Most sole traders, self-employed business people and contractors can contribute up to $30,000 per year and receive a tax benefit. If you are 50 years of age or above, you can contribute up to $35,000 per year on a before-tax basis and up to $180,000 a year after-tax, where you benefit from paying only 15% in tax on investment earnings.
Please enter your name and
contact number in the fields below. One of our Member Service Officers will
call you back within 1 working day.
Please note that
if you are requesting personal account information, we may ask you to verify
your client ID, full name, date of birth and address as a security
Call centre opening
hours: Monday to Friday, between 8:30 am and 7:00 pm AEST [8:30 am–8:00 pm
AEDT] (National public holidays excluded).
Your enquiry has been submitted successfully!
One of our
Member Service Officers will call you back within 1 working day.