Super if you’re self-employed

Being your own boss, puts you in the driver’s seat when it comes to contributing to your super. If you're self-employed as a sole trader, contractor, freelancer, a gig worker or in a partnership, it’s not compulsory to pay yourself super. However, choosing to pay your own super is a smart approach to set yourself up for the lifestyle you want to live in retirement and achieve financial security.

How to pay your own super

You can make a one-off payment to your CareSuper account or set up regular payments via:

It’s quick and easy with BPAY®. View your personalised BPAY® details in MemberOnline (linked bottom right hand corner in your dashboard) or contact us on 1300 360 149.

Complete the Contribution form, attach your cheque and send to CareSuper, Locked Bag 20019, Melbourne Vic 3001.

Important: To make personal after-tax contributions (also called non-concessional) you’ll need to provide us with your tax file number (TFN). You can provide us with your TFN in MemberOnline.

There are limits to how much you can contribute each financial year and it’s important to check the contribution caps to avoid paying extra tax.

How much super do I need to pay myself?

You have the freedom to make regular or lump sum payments into your super fund. This can be very helpful depending on how much cash is flowing into and out of your business each month or quarter.

With the help of our industry-leading Retirement income calculator, you can work out what your future income will look like, with and without super. As a guide, employers are currently required to contribute quarterly at least 11.00% of an employee's earnings to super.

There are limits to how much you can contribute each financial year and it’s important to check the contribution caps to avoid paying extra tax.

Tax deductions for super contributions

Personal super contributions are tax deductible, as long as you meet the eligibility criteria (listed on the ATO website) and are under the super contribution limits. If you claim a tax deduction on a personal contribution, then the contribution is counted as a concessional (before-tax) contribution. It goes towards your concessional contribution cap and 15% contributions tax is deducted. However, there may be additional tax if you exceed your concessional contribution cap.

Make sure your super contributions are allocated to your account by the end of the financial year. Super contributions are counted from when the payment is allocated by your super fund, not when the payment is sent. You will also need to submit a Notice of intent to claim a tax deduction form to us. 

What are the fees and costs?

Our low fees help deliver value, which means more super for you. The total fees and costs applied to your super account include administration fees, investment fees and costs, and transaction costs. See our Fees page to learn more.

Do I have access to insurance cover?

Yes, you have access to insurance cover as a Personal Plan member. To apply for cover, head to the 'Insurance section' of MemberOnline or complete the Insurance application form. You'll receive cover if your application is approved by our insurer, MetLife, keep in mind medical evidence may be required.

What investments options are available to me?

You have access to 12 investment options, each with a different return target and level of investment risk, plus a Direct Investment option. As a super member, if you don’t make an investment choice your money will go into our default Balanced (MySuper) option. See your choices

I operate my business under a company or incorporated structure?

If you’re self-employed but operate your business under a company or incorporated structure, each quarter you are required to pay the super guarantee (SG) for all your eligible employees – including yourself. This means if you are employed by your business and draw a regular wage using a traditional PAYG structure, you must make quarterly SG contributions on your own behalf into your super account. Failing to make super contributions could mean you have to pay the super guarantee charge (a tax penalty) if you don’t pay enough or miss a payment date. 

Calculate what your future might hold
No need for a crystal ball to see what your financial future might hold – our super calculators are far more informative. Calculate your projected future income, see how much insurance cover costs, how much extra you could contribute to your super, and more.
I’m self-employed, sign me up!
In under 10 minutes, join today as a Personal Plan member and start paying your own super with a leading profit-to-member Industry SuperFund, and a proven long-term performer.