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69 sats \ 0 replies \ @deadmanoz 22h \ parent \ on: Why Trump’s Interest in Australia’s Retirement System Should Alarm Americans econ
If you're self-employed, you don't actually need to contribute. You can choose to make personal contributions voluntarily, but there's no legal requirement to pay the super guarantee (SG) for yourself. It is, however, tax advantaged to make contributions.
Employers must pay the SG for eligible employees, where eligibility is something like:
- Aged 18 or over, generally eligible to receive SG super contributions
- Aged under 18, they typically need to work more than 30 hours per week to be eligible
There has recently been noise and some changes around additional taxes on large balances. I'm sure this noise will only grow louder over time. Eventually IMO there will be some substantial change in terms of additional taxes on large balances - it's simply too large a pool of money for the Aus government to ignore..