Banyule Youth Services

12. Superannuation for Contractors

If you are a sole trader, you may be entitled to superannuation.

What is Superannuation?

Superannuation, or ‘super’, is money put aside by your employer over your working life for you to live on when you retire from work. Super is important for you, because the more you save, the more money you will have for your retirement. You can only withdraw your super money in certain circumstances – for example, when you retire or turn 65 years old. (ATO, Australian Government)

Depending on the type of work you do and for which individuals/organisations, there may be legislation requiring certain businesses to provide super contributions to you, into your nominated superannuation fund.

What do you need to do?

  1. Compare super funds, and select a fund in line with your needs and values (eg: see where they invest your funds, and what insurances they offer.)
  2. Complete the sign-up process for chosen fund.
  3. Once you have an account with a super fund, you need to tell your employer. Your employer should give you a superannuation standard choice form or direct you to an online copy of this form.

But what if I am a sole trader?

If you are a sole trader – you work by yourself, for yourself – you may be entitled to this even working as a contractor with an ABN. If you believe this to be the case, speak with the client and submit a _. Learn more via the Australian Taxation Office, or use their interactive Super Eligibility Tool.

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