Some 1.7 million Australians work for themselves and this number is growing as more people abandon the corporate grind in favour of the freedom and flexibility of the gig economy.
From developers, designers, marketers and business consultants - forecasts are that the gig economy will increasingly become the norm in Australia.
With a combined 20 years in delivering online financial services in Australia, we saw a need for a superannuation product that specifically caters for the self-employed.
While your reasons for stepping out of the mainstream are many and varied, independent thinkers and doers just like you all too often share a dirty little secret.
75 percent of self-employed are not currently contributing to their superannuation, and more than one in five of them have no superannuation at all. This is a financial crisis waiting to happen - both for them personally, and for the Australian economy.
Every year you probably nod as your accountant tells you to start contributing to super, take the paperwork home and tuck into the bottom drawer, where it remains untouched for another year.
Enter GigSuper - a clever app-based superannuation product being specifically co-designed with gig workers to help banish your dirty little secret in as little as five minutes.
GigSuper’s unique non-super account is a game-changer for workers who face fluctuations in income over the financial year. Working job-to-job means your income fluctuates through the year, and the ability to access your money if needed is vital.
We understand the importance of flexibility and ease of use - GigSuper allows access to your funds through investment in a non-super account until end of financial year, when you can instantly transfer those funds into Super to maximise tax-benefits and build for your retirement.
Within five minutes you can sign up for a superannuation account, roll over existing balances, set contributions, and more - all from your mobile phone. No paper forms!
As refugees from the corporate scene ourselves, we understand both the appeal of the gig economy, and the challenges you face as you focus on building your business. It is too easy to put the administrative aspects in the ‘I’ll do that later’ folder.
However failure to invest in super can mean you miss out the attractive tax breaks that super offers. And if you are paying more than your fair share of tax, you will have a smaller nest egg in retirement.
Tax changes that occurred on 1st July 2017 make it easier for self-employed people people to claim their voluntary contributions to super as a tax deduction. These changes, together with the GigSuper app, will make claiming these contributions to super as a tax deduction easier than ever.
We recognise that increasingly people are earning income from a variety of sources, so your super fund needs to reflect that you don’t just earn money from a single employer anymore.