Super strategies when you’re the boss

When you’re self-employed, you’re in charge of paying your own super. Putting money into your super may not be compulsory, but you’ll be helping to make sure you’re financially fit in your life after work. 

In this article, we'll explore:

  1. Your super obligations
  2. How much do I need for retirement?
  3. Avoiding FORO: The fear of running out
  4. How to pay your own super
  5. Seeking financial advice — it’s included in your membership*.

Do I have to contribute to my super?

Your super obligations vary depending on whether you work as a sole-trader or through your own company. 

You’re a sole-traderYou’re employed at your own company

In most cases, you’re not required to pay your own super if you’re self-employed as a sole trader, contractor, freelancer, gig worker or in a partnership. However, choosing to pay your own super can be a smart approach to set yourself up for the lifestyle you want to live in retirement.

Benefits of paying yourself super >

Working at a company you own makes you an employee. This means you’re required to pay the Super Guarantee (SG) for all your eligible employees — including yourself. Luckily, we have the information you need to make sure you’re meeting your contribution and payment requirements.

Register your business >

Investing in your future

No matter your employment status, investing in your super is a smart way to set yourself up for the lifestyle you want after full-time work. Plus, by contributing to your super, you could be eligible to receive insurance cover at group rates and save on tax.

More helpful tips and FAQs >

How much do I need to retire?

The amount of super you’ll need in retirement will depend on the lifestyle you want. Plus, the amount will differ depending on your circumstances. Luckily, there’s a guideline you can follow so you can get on with planning the more fun things.

Find out how much you'll need >

Avoiding FORO: The fear of running out

Feeling anxious about living off your savings is a normal reaction when it comes to retirement. Knowing how much super you’ll need for everyday spending as well as unexpected costs in the future isn’t easy — especially during the cost of living crisis. Luckily, careful planning and seeking help from a financial planner can strengthen your position for retirement.

6 steps to avoid FORO: The fear of running out >

Contributing to your super

When you’re self-employed, you have the freedom to make regular or lump sum payments when paying to your own super. This can be helpful depending on how much cash is flowing in and out of your business each month or quarter. Just remember, there are limits to how much you can contribute to your super each year.

Personal contributions

Making a one-off personal contribution via BPAY® is the quickest and easiest way to top up your super from your after-tax income. Plus, you can make a personal contribution when it’s financially convenient for you.

Make a super contribution via BPAY® >

Salary sacrificing

Giving your super regular boosts through salary sacrificing by making extra contributions from your before-tax income could help you save on tax while boosting your super.

Get started using our contribution form >

Chat with a financial planner — it’s included in your membership*

If you’re a CareSuper member, you can get super-related advice over the phone at no extra cost.* If your finances are more broad than just super, you can also get in touch with a specialist financial planner who can help.^

We’re here to help

If you have any questions, call us on 1300 360 149 or get in touch online.

Information correct as at 10 May 2024.

*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.
^Advice is provided by one of our financial planners who are Authorised Representatives of Industry Funds Services Limited (IFS). IFS is responsible for any advice given to you by its Authorised Representatives. Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514.