The Age --- Page: B2 : 6 June 2008 Original article by Julianne Dowling
LexisNexis Summary
A survey shows that many small business owners in Australia have no retirement savings. The survey was undertaken in 2008 by the Association of Superannuation Funds of Australia (ASFA). The figures show that 53% of small business owners have super account balances of less than $A40,000, while 28% have no super at all. Some 30% of small business owners will ultimately have to rely on a full aged pension. ASFA found that 64% of the super assets are held by only 8% of the self-employed. Colin Lewis of Ipac Securities said that many small business owners regard the business as their only super asset.
