Will I be paid Superannuation?
You need to pay your own super. Once you register with a Superfund, you just make a weekly transfer of about 12% from your banking app into your superfund via BPAY using your unique Customer Reference Number. Very quick and easy.
This is really important. If you don’t put some of your income aside now, you might not have enough money to live on when you retire - like over 40,000 Queensland women over the age of 55 are financially struggling with limited or non‑existent superannuation.
An estimated 7,300 to over 7,400 women aged 55 and older are counted as homeless in Australia on Census night, making older women the fastest-growing cohort of the homeless and housing-stressed population
So when you set your prices on PetCloud - you need to factor in 12% you will need to pay into your superfund. There can even be tax advantages for you if you do this. Speak to a qualified and registered Tax Agent who can give you advice about joining an industry super fund, such as Care Super.
Managing your own super contributions
There are two basic ways of making your own super contributions if you’re self-employed:
- If you pay yourself a wage, remember to also send at least 12% of your income before-tax to your super fund every time you are paid or
- If you pay yourself out of your business revenue, the majority of super funds will let you send a lump sum when your cash flow allows for it.
Subcontractors can contribute up to $30,000 per year and receive a tax benefit. And if you're 50 years of age or above, you can contribute up to $35,000 per year towards super.
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