If you’re self-employed, super can be a great way to invest for your future
Although you don’t need to make super contributions, there are tax incentives for doing so.
If you’re entirely self-employed or substantially self-employed and under age 75, you may be able to claim a tax deduction on amounts you contribute to super.
Substantially self-employed means you earn less than 10% of your total income (including reportable fringe benefits and reportable employer super contributions) from employment or employment-related activities. These contributions are also subject to the following concessional contribution limits.
The same contribution limits apply as for before-tax contributions, also known as concessional contributions.
If you are:
Your annual concessional cap is:
age 49 or over on 30 June 2016
under age 49 on 30 June 2016
Note: From 1 July 2017, your concessional contributions cap will be $25,000 regardless of your age.
These annual caps apply to each individual, not per fund. This means that contributions made to your other funds are included in the limit and additional tax will apply to contributions in excess of the limit.
You will need to submit a notice of intention to claim a tax deduction to us before the earlier of the following:
you lodging your tax return, and
before the end of the financial year following the financial year in which you made the contribution
In order for you to claim the tax deduction, we must acknowledge receipt of your deduction notice. There are some circumstances where we cannot acknowledge a deduction notice (such as if the notice is completed incorrectly). In these instances, we’ll contact you and ask that you correct and re-submit your notice.
You’ll also need to make sure that we have acknowledged receipt of your deduction notice before you withdraw or rollover your benefits (in whole or in part) or commence a pension. Otherwise, you may not be able to claim a tax deduction for your contribution or, in the case of partial withdrawal or roll over, you may only be able to claim a tax deduction for a proportion of your contribution.
This information on this website is provided by Motor Trades Association of Australia Superannuation Fund Pty Ltd (ABN 14 008 650 628, AFSL 238 718) of Level 3, 39 Brisbane Avenue BARTON ACT 2600, Trustee of the MTAA Superannuation Fund (ABN 74 559 365 913). Motor Trades Association of Australia Superannuation Fund Pty Ltd has ownership interests in Industry Super Holdings Pty Ltd and Members Equity Bank Limited (ABN 56 070 88 7 679).
The information contained in this website is correct at the time of publishing. It is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any of the information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. If you are considering acquiring or continuing to hold a particular financial product, you should obtain the Product Disclosure Statement relating to the product and consider it before making any decision. The MTAA Super Product Disclosure Statement is available on this website, or by telephoning the Customer Service Centre on 1300 362 415.
This site is for general information purposes only and is not intended to be relied upon for the purpose of making an investment decision.
MTAA Super recommends that potential investors seek independent financial and taxation advice before making any investment decisions so as to determine whether an investment is appropriate, given the investor’s investment objectives, financial position and needs.
Applications for membership can only be made on the basis of the application form attached to the current PDS. Any person who gives another person access to the application form must at the same time and by the same means give the other person access to the relevant PDS and any supplementary document.