Aussies - Superannuation as a professional muso?

[bass349]

Hi,

It occurred to me the other day that i haven't been paying into my super account since i became a "professional" bassist.

All my work/income comes from gigging and teaching, all of which i subcontract my services for, so effectively if anybody is going to be paying my super, it has to be me!

Just hoping to hear back from anybody else in this situation as to how you go about contributing to yours? After being stung with my tax bill from last financial year, I just recently set up another account with my bank into which i contribute a percentage out of every gig i get payed for. That should cover my tax for next year, but was thinking it would be a good idea to set up something similar with a super account so every bulk payment i get from gigs/teaching, i contribute a certain percantage to my superannnuation.

any thoughts/ideas/suggestions welcome on the matter!

also are there any particular super funds that would be more benificial for my situation than others? a quick google search turned up nothing, but i'll definately be looking into this in more detail when i have a bit more time.

look forward to hearing from the aussie talkbassers!

all the best,
Andy

[funkydanbass]

When I was earning all my cashola from playing and teaching I set up 2 ING Direct accounts. One which I weekly transferred the correct tax percentage into, (you can get a tax calculatin form from the post office), and the other to transfer a 'super' type savings amount into. I was very diligent with the tax amount but never quite calculated the Super account properly, when I started a day job again I just spent it all on gear!!

I reckon the Australian Musicians Union would be able to recommend a performer orientated super account.

[bass349]

hey.. yeah cheers for the advice.

i'm looking more for a super account than just a bank account, for the obvious advantages. i checked the musicians union website (which looks like it was created in the early 90's), but there didn't seem to be much info on it. might send them an email.

looks like i'm just gonna have to do it the hard way and compare the diferent ones and see what will suit me best. boooooo.

anyone else with any experience/opinions on this matter feel free to chime in, would love to hear how you do it!

andy

[Mark Latimour]

I worked for superannuation companies in Australia for many years and also practiced as a superannuation lawyer (although I now work in the UK). Feel free to PM me with any questions and I will do my best to answer them. The one thing I can suggest is that you see a financial planner in Australia who is licensed under the Corporations Act to provide advice. They will be able to steer you towards which product is best for you.