Compare self employed super funds

Learn how you can start planning for your retirement. RateCity compares superannuation products from 100 Australian Superannuation funds. Compare self employeed super fund rates, fees, performance and more. - Data last updated on 31 Mar 2019

Compare self employeed superannuation

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For most people, superannuation is a payment made regularly by your employer into a fund that can be accessed once you have retired.

Superannuation for self-employed people is different, because you are responsible for your own superannuation arrangements.

Your superannuation account is designed to be a nest egg for when you reach retirement. The more money you have saved in your super fund by retirement, the more financially comfortable your retirement will likely be.

Do self-employed Australians need to pay themselves super?

Under Australian law, all employees of companies and organisations much be paid a superannuation contribution, currently at a minimum rate of 9.5 per cent of their total income, and set to increase in the future. Many Australians make additional contributions to help ensure their super balance will be adequate for their planned retirement lifestyle.

Self-employed Australians, however, don’t have an external employer to rely on for super contributions. If you are self-employed, saving for your retirement becomes your own responsibility.

Some self-employed Australians choose to forgo superannuation and manage their own savings to ensure they have sufficient funds available for their retirement. Others, though, prefer to make superannuation contributions into a super fund of their choice over the course of their self-employed careers. While this does mean some of their savings are locked away until retirement, this option can lead to tax benefits.

Why some self-employed people avoid superannuation

Some self-employed Australians prefer not to participate in superannuation, and instead choose to manage their own savings. By avoiding self-employed superannuation, some people hope to maximise their take-home pay.

The risk of this approach is that you may not have adequate savings available when you retire. Also, you miss the opportunity to take advantage of the tax benefits of superannuation – money in a super fund is taxed differently to money in a savings account, and you may also receive tax deductions based on the super contributions you make each year.

Superannuation for self-employed Australians and tax benefits

As of 1 July 2017, Australians who make personal contributions to their super may be able to claim a full tax deduction. These can be quite beneficial to self-employed Australians, who may be taxed large amounts on their income. That being said, it’s important to be aware of the contribution limit for the year in question, as exceeding the limit could attract extra tax.

Additionally, you might be eligible for super co-contribution payments, whereby the government will match your after-tax voluntary superannuation contribution up to a certain limit, if you have not claimed your contribution as a tax limit. This scheme helps low to middle-income earners boost their retirement savings.

If you are planning on contributing to a super fund, ensure your super fund has been notified of your tax file number. Failure to do this could result in your contributions being taxed at a higher rate, and your personal contributions could also be rejected.

It’s important to note that all contributions must be made by 30 June for them to be eligible to claim as tax deductions for that financial year.

Choosing a super fund if you’re self-employed

Your super fund will likely have a major impact on your quality of life and financial situation during your retirement, so doing your homework and conducting comparisons prior to choosing your super fund is advised.

Make sure to check out RateCity’s comprehensive super fund comparison tool, which can help you find a super fund suitable for your circumstances and savings goals.

While a super fund’s past performance is no guarantee of future performance, it can help provide a guideline of what you can expect from a super fund.

It’s also important to look at the features offered by a super fund, as well as the fees and charges involved, to help ensure you enjoy value for money, especially if your self-employed income may not always be consistent.

For more specific advice, you can contact a superannuation expert, who can help review your super goals and discuss your retirement savings plans.

FAQs

You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:

  • Age 65
  • Your ‘preservation age’ and retire
  • Your preservation age and begin a ‘transition to retirement’ while still working

The preservation age – which is different to the pension age – is based on date of birth. Here are the six different categories:

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
From 1 July 1964 60

A transition to retirement allows you to continue working while accessing up to 10 per cent of the money in your superannuation account at the start of each financial year.

There are also seven special circumstances under which you can claim your superannuation:

  • Compassionate grounds
  • Severe financial hardship
  • Temporary incapacity
  • Permanent incapacity
  • Superannuation inheritance
  • Superannuation balance under $200
  • Temporary resident departing Australia

 

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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