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Think Super! by Xero Bookkeepers Adelaide

Time to think Super!

Time to think Super!

As we draw closer to 30 June, consideration may need to be given to your staff super payments. Although the April to June quarter super payments are not legally required to be paid and received by the super funds until 28th July, you may wish to consider bringing forward your final contribution for this year to prior to 30 June.

The ATO advise that you can only claim a tax deduction in the financial year in which you pay the super and that the employee super funds have received the payment. Unfortunately, we cannot control how quickly the super funds process their payments and cannot see the date that funds determine they have received the funds, so we recommend that any super payments made via your Clearing House be completed at least a week prior to 30 June.

It is possible to lodge multiple super contributions payments, so there may be advantages to lodging the bulk of your superannuation early and submitting only the final payrun super contributions in that final week if that is how your pay cycle falls. This would still provide you with the maximum tax deduction possible for the year for your staff superannuation.

In summary:
1. If you wish to claim your super contributions in this financial year – payment must be made and received prior to 30 June (we recommend you pay all or most of your superannuation at least a week prior to ensure it is received by the funds in time)

2. If you are not too concerned about claiming the tax deduction in this financial year – you have until the 28th July deadline to lodge and pay (again recommendation is made that the lodgement/payment be made at least a week prior to this deadline to ensure payment has been received on time by the funds)

Further information can be found via this ATO website link

If you have engaged Tashly Consulting to assist with your payroll, we will liaise with you directly about how you would like to proceed this month.

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Tashly Consulting Xero Bookkeepers Adelaide are Registered BAS Agents #86318001 and we are dedicated to providing seamless, high-quality, transparent bookkeeping services – If you would like any further information please contact us via telephone (08) 8121 4424 or via email.

Tashly Consulting Xero Bookkeepers Adelaide – 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.

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