Posts tagged "claiming superannuation as a tax deduction"

A government change requiring super to be paid on payday could mean employees will be several thousand dollars better off by retirement.

Raising the tax rate on superannuation balances above $3 million will affect "many mum-and-dad businesses" which hoped to sell up for retirement, National Party leader David Littleproud says, as accountants warn of significant tax implications for successful entrepreneurs nearing the end of their professional lives.

On average, self-employed Australians retire with 50% less in their super accounts than their employed friends, and 20% retire with no super at all.