Superannuation for small business owners

Discussion in 'Business Accounting, Tax & Legal' started by D.T., 27th Sep, 2016.

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  1. D.T.

    D.T. Specialist Property Manager Business Member

    13th Jun, 2015
    Adelaide and Gold Coast
    Reaching a point in our business where we (legally) should be contributing to our Supers.

    Don't have enough Super yet to justifying setting up a SMSF, but I think that'll be the longer term plan.

    In the mean time, what are other options here? I assume I could (re)start contributing to the Super i used to have, back in my days as an employee.

    Is Superstream compulsory? Where does the Small Business Superannuation Clearing House come in?
  2. Simon Hampel

    Simon Hampel Founder Staff Member

    3rd Jun, 2015
    Just set up a personal superannuation fund until you've got enough to justify rolling over to an SMSF and roll over any other super funds you've got lying around - best to consolidate them all into a single fund.

    I haven't sorted out superstream yet - I know my accountant has that stuff all covered, but I'm not sure what I need to do from my end. Will have to check shortly.
  3. hobo

    hobo Well-Known Member

    18th Jun, 2015
    Depending how soon you think you might want to move into an SMSF, and whether you are happy with your current super provider or not, that's the easy option.

    I have two supers, one which I'm leaving where it is for the time being and another smaller account in a fairly bog standard fund. I am looking at rolling the second one into a product which gives me a bit more control over where it's invested ie a wholesale fund.