It’s June which means the end of the financial year is upon us, now is the perfect time to reflect on business finances with Business.gov.au publishing an article for sole traders on paying super.
The article emphasises that sole traders paying super for themselves is a good way to save towards retirement. The article also emphasises that many sole traders find they have very little money to live on in retirement, because they haven’t paid enough super for themselves throughout their business’ lifetime.
The article also provides information on how much is enough to live on during retirement, the benefits of super if a sole trader can no longer work due to injury, how much super to pay and where to pay it, whether a sole trader can claim personal super contributions as a tax deduction and government super contributions for businesses.
The article can be read in full and more information can be found here.
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