Superannuation is something that both employed and small business owners should take seriously to secure a financially safe future. According to the Association of Superannuation Funds of Australia, the savings made by small business owners is lower than that of employed people.
Even so, there are SMEs owners in Australia that have found it best to have their accounts. If you are turning to this significant step too, you should consider concessional contributions. It comprises of employer contributions like salary sacrificed amounts, SG and personal deducted contributions which are taxed 15 percent within the fund.
Also, consider government contributions on non-concessional contributions for those earning low income e.g., less than $36,813 per annum should make this contribution to the fund. Therefore, if you may find yourself managing many accounts and your business as well, you might have to consider consolidating them.
Usually, a person can have several businesses with each having its account. This can result in lost superannuation or lost super if you have not been placing money into the report for the last twelve and five months respectively.
Unclaimed superannuation can hurt your plans for having enough savings for your retirement. You may ask yourself, how do I find my superannuation? To track your unclaimed super in case you have numerous small business enterprises, take it upon yourself to find lost super online.
Since you must have opened several accounts under your name or that of your business partners, look for platforms offering lost super search options that will help you get information of your total funds and consolidate them to one account.