Tash-Ly’s Tips & Tricks – Did you know…..?
You can claim a tax deduction for super payments you make for your employees – but only in the financial year in which you make them. Contributions are considered as paid when the super fund receives them, not on the date you physically paid it. Therefore, we recommend that you lodge and pay your employee super contributions at least a week before 30 June to be able to claim them as a tax deduction in the relevant year.
Where possible, pay your April and May super early in June, so you are only looking to finalise the one month’s super in that final week of the financial year. Using automated super lodgements through Xero are pain-free and efficient. Don’t miss out on a valuable tax deduction – talk to us about scheduling your employee super this financial year.
Tashly Consulting – dedicated to providing seamless, high-quality, transparent bookkeeping services – If you would like a further information please contact us via telephone 0413 631 909 or via email.
Tashly Consulting – Not your average Bean Counter!
Disclaimer: All or any advice contained in this blog/newsletter is of a general nature only & may not apply to your individual business circumstances. For specific advice relating to your specific situation, please contact your accountant or other professional adviser for further discussion.