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Hi TB19,
If you are receiving payment for work completed under your ABN as a sole trader or contractor, the employer may not be required to pay your super guarantee.
You also are not required to pay yourself superannuation but you can choose to make personal super contributions from your after-tax income to save for your retirement, for example, you can contribute from your bank account to your super fund.
Good things to know when making personal contributions is that you can claim a tax deduction for personal super contributions until you turn 75yrs old!
You may also be eligible for the super co-contribution, If you're eligible and you make personal super contributions, the government will match your contribution up to certain limits. You don't have to apply. We will work out your co-contributions when you lodge your tax return..
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Hi TB19,
If you are receiving payment for work completed under your ABN as a sole trader or contractor, the employer may not be required to pay your super guarantee.
You also are not required to pay yourself superannuation but you can choose to make personal super contributions from your after-tax income to save for your retirement, for example, you can contribute from your bank account to your super fund.
Good things to know when making personal contributions is that you can claim a tax deduction for personal super contributions until you turn 75yrs old!
You may also be eligible for the super co-contribution, If you're eligible and you make personal super contributions, the government will match your contribution up to certain limits. You don't have to apply. We will work out your co-contributions when you lodge your tax return..
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