Blue Diamond Financial explains that self-employed individuals in Australia must implement a proactive superannuation strategy because they lack automatic employer contributions, detailing smart moves like consistent payments and consolidation to secure their retirement.
- Self-employed must make their own super contributions.
- Strategy maximises tax-deductible contributions.
- Consistency and 12% contribution guide help.
- Consolidation lowers fees and simplifies management.
One of the challenges of working for yourself is that you have to manage your own retirement savings. If you do not have a strategy, you could find yourself in an unfavourable situation once you hit old age.
Blue Diamond Financial explains why you need a self-employed super strategy in Australia and how a few smart moves and super fund consolidation tips can secure your financial future.
Why You Need a Self-Employed Super Strategy in Australia
Being self-employed in Australia means you do not have an employer who automatically contributes to your retirement savings. Therefore, you need a proactive superannuation strategy.
Unlike employees, you are responsible for making your own concessional contributions to build your super balance. With a dedicated plan, you can save for retirement, maximise tax-deductible contributions and ultimately secure your financial future. Without a strategy, you risk falling behind.
The Best Super Strategy For The Self-Employed in Australia
You can use these strategies to get the most out of your superannuation as a small business owner in Victoria Point or Redland Bay.
- Be consistent about paying yourself.
- Use the 12% guide that employers normally contribute to superannuation.
- Check with your super fund to make sure you are insured.
- If you employ people at your small business, make sure you pay them according to the Superannuation Guarantee of 12%.
- Consolidate your super into one fund for easier management
For further strategic advice, it is best to consult with a financial planner, such as Blue Diamond Financial.
Top Consolidation Tips for Your Super Fund
Consolidating your super fund can mean lower administration costs and streamlined fund management. Follow these top 3 super fund consolidation tips:
- Check if any additional fees will apply
- Transfer your insurance cover
- Seek professional advice
Where to Seek Superannuation Advice in QLD
The Internet is a great place to get information about superannuation for self-employed people in Queensland, but be careful of untrustworthy sources or misleading advice. You could also seek advice from the Australian Tax Office for official government regulations and requirements. However, for personalised superannuation advice in QLD, speak to a dedicated financial advisor.
Blue Diamond Financial provides expert retirement financial planning for small business owners and entrepreneurs in Victoria Point and Redland Bay. If you really want advice from an experienced professional who cares about your future, trust our team for the best superannuation strategy.
Talk to us at Blue Diamond Financial for a super strategy for self-employed individuals in Australia.
FAQS
Q: What is the recommended percentage guideline for self-employed superannuation contributions?
A: It is recommended to use the 12% guide that employers normally contribute to superannuation.
Q: What are two key benefits of consolidating multiple super funds into one?
A: Consolidating your super fund can mean lower administration costs and easier fund management.
Q: Besides a financial advisor, where can self-employed people get official government advice about superannuation in QLD?
A: For official government regulations and requirements, self-employed people can seek advice from the Australian Tax Office.