If you are a Self-Employed contractor, why should you consider NESS Super?
Principals of electrical and communications contractors who are Self-Employed or have a partnership business structure may not have super as your top priority amongst all the things needed to manage your day-to-day business. However, there may be some incentives to help you maximise your super and have enough to live on in your retirement.
Did you know that if you are Self-Employed or work as a contractor;
- You may be eligible for a tax deduction on your super contributions. Remember to make a contribution to NESS Super before 30 June 2015 to make a deduction for your 2015 tax return*
- You may also be eligible for a Government Co-contribution of up to $500 in respect of your non-concessional contributions if you earn $49,488 or less per annum**
- A Low Income Super Contribution of up to $500 may also apply if you earn $37,000 or less per annum**.*Remember, in order to make a claim, you must provide your super fund with a “Notice of Intent to claim a deduction for personal contributions” before the end of the following financial year and BEFORE you lodge your tax return. For example, to claim a deduction for contributions made this financial year (1 July 2014 to 30 June 2015) you must provide a notice before 30 June 2016. You must receive an acknowledgement from your super fund before claiming a deduction.
**The Australian Tax Office (ATO) will automatically assess your eligibility and pay this to your super account if you are eligible. There are other conditions, such as ensuring your super fund has a record of your Tax File Number. A non-concessional contribution includes a contribution that you do not claim as a tax deduction. This applies only to Self-Employed and substantially Self-Employed members as defined by the ATO.
We recommend that you consult with a suitable qualified person before making any financial decisions.
Self-Employed contractors who join NESS Super will enjoy the many benefits of being a NESS Super member, including:
- our simple and competitive fee structure
- 24/7 online access to your account through MemberAccess
- access to financial planning advice, including roll in other super accounts into NESS Super and the ability to consolidate online (no paper!) through MemberAccess
- default insurance cover of 2 units of Death and Total and Permanent Disablement and 2 units of Temporary Salary Continuance (subject to terms and conditions)
- access to low-interest home loans and discounted health insurance through ME Bank and NIB respectively
- pension options including potentially tax effective transition to retirement option for members who have reached their preservation age (currently age 55) who wish to take their super as a regular income in retirement or while still working.Joining NESS Super is simple. If you are eligible, all you need to do is click on the (Iink button) button and follow the prompts. Alternatively, you can complete the Application for Membership Form for Self-Employed Members (link form) or by calling us on 1800 022 067. It is important that you read the NESS Super PDS which is also available from our website.
To find out more about how NESS Super can help Self-Employed contractors, please contact Mynas Leontios, NESS Super’s employer service representative on 0448 432 443 or by email at firstname.lastname@example.org. At NESS Super, we are here to help.
NESS Super is the superannuation fund totally dedicated to the electrotechnology industry.
The information contained in this article is up-to-date at the time of its publication. However, some information can change over time. The contents are for general information only and do not constitute personal advice. We recommend that you consult with a suitably qualified person before making any financial decisions.