Blog
by Beam
|22/10/2024
The superannuation information in this article has been written by Australian Retirement Trust. Beam is part of Australian Retirement Trust group (ART). Together we’re working with your payroll provider to bring Australians closer to their super for a better retirement outcome.
Take advantage of the tools and people around you to plan for your perfect retirement
While business owners are busy building their business, it’s easy for them to leave their personal super behind.
For the 2.5 million small business out there, meeting obligations as an employer – including contributing to your employees super, often comes before you consider your own savings for retirement. Managing the day by day can take the focus away from the years to come.
But there’s good news. Small business owners aren’t alone. Together with Australian Retirement Trust (ART) we’ve got the resources and tools that can help you plan for a better retirement without sacrificing the growth of your business.
It’s just after the mid-morning rush for coffee and things are starting to settle down at Charlee Anee’s Cafe in Brisbane’s CBD. In between the next rush, owner Carlo spoke to us about his small business and approach to super.
“For me, retirement is over 30 years away, and things change so quickly in this business. Many small business owners are having to prioritise cash flow over their own retirement plans. After paying salaries and my super, whatever is left is being re-invested into the business.“
Staying ahead of the super curve is an important part to Carlo’s retirement plan, and it’s an important part of planning for your retirement.
Joshua Van Gestel, Senior Manager for education Delivery at Australian Retirement Trust (ART) also spoke to Beam about the value of owners up-skilling themselves on super:
“Learning more about super and your approach for retirement is only going to benefit you as a business owner. Retirement planning shouldn’t happen overnight– take the time to carefully consider your options.
Small business owners also have a wide network of support content available with Beam and ART. A great place to start is ART’s Employer Hub, which has a wide range of content designed to help small business owners plan for a better retirement.
There are plenty of benefits that can come with contributing to your super as a business owner, but are you taking full advantage of everything available to you? Your employees get to take advantage of compounding interest in their super funds, and so can you.
Super is most effective as a long-term investment, and the early it starts the better. Contributing any amount towards your own super will help you take advantage of a long term investment like super.
And if you’re not already, don’t forget to take advantage of pre and post-tax self-contributions.
Insurance coverage is another benefit that can come with with contributing to a super fund.
Especially when you’re “on the tools” day to day in your business.
If you’re over 25 with a super balance of over $6,000 AUD you might be automatically covered by your super funds insurance.
Insurance and income protection can be helpful, particularly if you’re a sole trader. As a business owner you can take advantage of being insured through your super fund. Premiums are deducted from your account balance, so it’s not affecting your bottom line.
You can learn more about ART’s Super Savings Insurance product here
There is no right or wrong time to start planning for your future, but there are steps to take no matter what position you’re in with your business.
Here are some examples of what you could prioritise during certain stages of your business.
Taking steps at the start of your business to help you retire well.
Consider consolidating your personal super into one fund. By consolidation you could potentially be paying less in fees11. Consider the advantages of the compounding effect of superannuation . Any amount added to a single fund will grow over time. The more time you have, the better.
You’ve got an established business; money is coming in and you’re paying staff super. It’s time to start thinking expansion and growth for your business and future.
Speaking to an accountant about taking advantage of tax schemes and before tax contributions is a great way to take advantage of your businesses cashflow.
Consider a default funds and payroll software with integrated super to simplify your business practices and to provide better services for your new employees.
You’re reaching the end on the long road of a successful business, it’s time to start planning for what’s next, retirement.
Start your 5 year plan for converting a business into your super. Speak to a financial adviser to help you get the most out of your business.
Super is an investment for your future self, not just another business expense. You can take advantage of the tools and support networks available to help you retire well. And contributions don’t have to be a burden on your existing business if you’re using the right technology to support you.
Like our handy supertech that’s been designed to make super payments a breeze.
Super is a safe and reliable investment for your retirement, and it comes with perks and opportunities to help you now while you work towards your retirement. In collaboration with ART, we want to support business owners to retire well. Don’t let it be part of your windup- make it part of your day-to-day operations.
Like this handy super calculator to help you start planning.
You can start by taking advantage of Beam’s supertech designed to make super payments a breeze.
And we’re not just a technology provider. Beam is part of ART, one of Australia’s largest super funds. Together we’re invested in your future. Currently there’s over 70,000 Australian businesses using our supertech. And because we want to bring Australians closer to their super, we are committed to providing tools and knowledge they need for a better retirement.
The information on this article contains general information only. It doesn’t consider your personal objectives, financial situation, or needs. Before making any decisions about ART, you should read the relevant Product Disclosure Statement (PDS) and Target Market Determinations (TMD) to consider whether the product is right for you.
This is general information. It’s not based on the specific objectives, financial situation or needs of your business. So think about those things and read the Product Disclosure Statement before you make any decision about our products. Contact your payroll provider for a copy of Product Disclosure Statement (PDS).
Beam is issued by Precision Administration Services Pty Ltd (Precision) (ABN 47 098 977 667, AFSL 246 604). Precision is wholly owned by Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL 228 975), trustee of Australian Retirement Trust (ABN 60 905 115 063).
We’re careful with your personal information. Our privacy policy explains how we handle it. You can find it at beamconnect.com.au/privacy