Now that we are past the Christmas and New Year period, we are heading straight towards every business’ favourite time of the year -the end of the financial year! This is often a stressful time for small businesses, particularly sole traders, who aren’t always aware of exactly what they need to do to prepare for tax time. There’s one sure way to avoid that last-minute rush: making sure you’re prepared for tax time.

Not paying your own superannuation is cheating yourself out of future earnings and lowering your own value in your business. Plus it can have a serious impact on your retirement down the track; you may have to work beyond the standard retiring age, or you might find it difficult to make ends meet once you do retire. You can avoid this scenario by planning ahead. And the sooner you start planning, the more time you’ll have to grow your retirement fund. Here are a few tips on paying superannuation as a sole trader.