Reading time: Are you a contractor or a small business owner? If so, TWUSUPER, Australia's Industry Super Fund for people in transport and logistics, can help you save for retirement.
How you contribute to TWUSUPER as a self-employed person depends on your company structure (if you're a sole trader, incorporated company or trust).
Below we outline what being a sole trader, incorporated company or trust can mean for contributions. However, you should seek advice from your accountant or financial adviser to understand your own business structure and obligations.
Sole trader
A sole trader business structure is a person trading as the individual legally responsible for all aspects of the business. They'll generally make all the decisions about starting and running their business, although they can employ people to help. Sole traders usually register their business under an ABN. Business.gov.au details the key aspects of the structure of a sole trader.
Super for sole traders
As sole traders aren't bound by the Super Guarantee rules in respect of their own superannuation, they can choose how much and how often to contribute to super, within the contribution limits.
Sole traders may be able to claim a tax deduction on personal contributions to super. See Claiming a tax deduction to find out more.
Insurance cover
As a sole trader you can apply for affordable Death and Total and Permanent Disablement (TPD) cover and Income Protection cover through TWUSUPER.
Become a member
You can join TWUSUPER online. It's best to have your TFN ready as, if you join without providing your TFN, extra taxes apply and we won't be able to help you find your lost super.
If you'd like to talk to us first, please call 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.
Join TWUSUPER online - Sole Trader
Incorporated companies and trusts
These are Proprietary Limited companies (Pty Ltd). A Pty Ltd company is its own legal entity and lets you conduct business throughout Australia. A trust is a structure where a trustee carries out the business on behalf of the trust’s members (or beneficiaries). A trust is not a separate legal entity. A trustee may be an individual or a company.
The Super Guarantee (SG)
If your business is an incorporated company or trust, you're required by law to pay eligible directors and employees (including yourself) the minimum Super Guarantee (SG) rate. From 1 July 2024 this is 11.5% of OTE and it will increase to 12% by 1 July 2025. You must pay yourself the SG if you're the owner of the incorporated company or trust. SG payments are generally taxed at 15% of income (rather than at your marginal rate).
SG is a deductible expense for the company.
Insurance cover
If you're eligible, upon joining TWUSUPER you'll be provided with affordable Death and Total and Permanent Disablement (TPD) cover. You can also apply for Income Protection cover through TWUSUPER. See Insurance for more information. Note that insurance won't become active until you have enough funds to pay the premiums.
Join TWUSUPER as a member
If you'd like to join TWUSUPER, you can do so online. It's best to have your TFN ready as, if you join without providing your TFN, extra taxes apply and we won't be able to help you find your lost super.
If you'd like to talk to us first, please call 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.
Join TWUSUPER as an employer
For more information about joining TWUSUPER as an employer and setting up employee payments, see Employer Super.