Transition to Retirement Pensions: The BOOM is coming
Thursday 25 July 2024 at 11:00 am AEST
The 1 July 2025 Super tax changes will see a BOOM in the use of TTRs – for people wanting to manage their TSB etc.
Q: Can you please provide some information on how I can salary sacrifice if I am self employed?
A: If you are operating a company that employs you, the company is obliged to make employer superannuation guarantee payments for you, and you can have the company contribute more than the minimum (11% of salary) employer contribution if you would like to salary sacrifice.
If you are self employed without a company structure, then there is no way to salary sacrifice, but you can instead make personal tax-deductible contributions to super which has exactly the same tax outcome.
Learn more about salary sacrifice and personal deductible contributions in the articles linked below.
Salary sacrifice and super: How does it work?
How do tax-deductible superannuation contributions work?
If you’re running a business, it is critical to be on top of your super requirements for staff. Even if an employee has quoted an ABN, you may need to make compulsory super contributions for them. With the contribution rate rising to 11.5% from July, now is a good time to review your obligations.
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