It can be easy to forget about Superannuation when you’re a small business owner. When you are an employee you grow accustomed to your employer taking care of your super but once you’re on your own it tends to be the last thing on your mind. Super isn’t only important for setting yourself up for retirement, super contributions can also help reduce your assessable income and decrease your tax liability.
Ensure you pay any employees super guarantee and, if you pay their super before the end of June, you can gain a tax deduction in the current year. To review your super or to find out more about making super contributions, give us a call today.