What’s so super for you?
Plenty as it turns out. If you earn at least 90% of your taxable income from self-employment, you could contribute to an LGsuper Retained Benefit account or Spouse account and claim a tax deduction.
If your business is set up as a company, you are in effect employed by that company. This means you are not considered self-employed and cannot claim a tax deduction for super contributions. However, your company can contribute to your LGsuper account on your behalf. Read more...
Before making a contribution it’s worth noting:
- your contributions are generally preserved until retirement after reaching your preservation age. Read more…
- any amounts you claim a tax deduction for will be taxed at 15% by the Australian Government on entry to LGsuper.
- these amounts may also be taxed on withdrawal. Read more…
- self-employed people may be eligible for the super co-contribution for personal contributions if a tax deduction is not claimed.
More information
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