Should you pay yourself Super as a Sole Trader?

If you’re a sole trader, you can choose whether you pay super to yourself. While you still need to pay super for your employees, when it comes to your own super, if you’re a sole trader, it’s up to you.

Remember that you can claim Super payments as a tax deduction, so if you have the cashflow to do so, it’s worth thinking about. Just transfer money into your Super Fund account, and mark it as Super in your book-keeping.

Additionally, the government co-contribution scheme could see the government topping your super up for you even further!

Click here for more info from the ATO.