It’s the end of the financial year, so we talked to our favorite tradie accountant, Jimmy Clyne from Melbourne-based accounting firm Clyne Partners, about how the recent superannuation changes could affect tradies.
Here are Jimmy’s top 3 tips for making sure that you’re on top of your superannuation.
#1: Determine who you need to pay super for.
Get advice on who’s required to pay super — then get onto it.
#2: Remember what’s included in your salary package.
Get up-to-speed with what is and isn’t included in your pay.
#3: Super rates are about to go up.
This means the superannuation guarantee rate will increase to 10 percent from July 1, 2021 and rise by 0.5 percent per year thereafter until it reaches 12 percent by 2025.