I just want to start by saying I will be getting an accountant to help out, but just want to try to understand something first at a very high level (please go easy on me)
It's my first year as a sole trader, and I have paid $8000 into super already.
If I made $58,000 (gross income) this year and have $30,000 (in expenses)
which leaves me with a taxable income of $28,000
I have some capacity to put more earn more money this financial year and could potentially put that into super.
If I earned n extra $20,000 taking my taxable income to $48,000
If I was to put that extra $19,500 into super
Would that bring my taxable income down to $28,500?
I don't quite understand how the different rates work for super and will be getting more guidance on that from my accountant.