We’d like to have your attention about superannuation payments prior to EOFY.
Although not necessary, you have the option of:
- paying employee super one month early
- topping up extra super into your own fund
Both will give you a tax deduction in this financial year, provided that the super fund RECEIVES the funds before 30 June.
The specific deadline is different depending on whether you are paying your employees or yourself, but either way this is EOFY sensitive so please read the below carefully:
EMPLOYEE SUPER
If you have the funds to pay employee super early (technically employee super is due in July), you will receive the deduction in this financial year, rather than next.
To do this however, the super fund needs to RECEIVE the funds prior to June 30, so you’ll need to allow time for processing.
Xero’s super clearing house has suggested you submit and approve Auto Super batches by 14th June 2022.
Any payruns after this date – you can still pay the super, however the amount you pay will be deductible in the next financial year.
Again, please make any super payments by 14th June 2022.
PERSONAL CONTRIBUTIONS
If you’d like to make an additional super payment to your own superannuation, this must also reach the fund before 30th June. Please contact your super fund directly (or your financial advisor), for the cut off date for your specific fund. We recommend making this payment asap.
Please note: concessional contribution cap for the current financial year is $27,500.
In order to claim a deduction for personal super payments, there is some paper work that needs to be completed. Please contact your super fund regarding completing a notice of intention to claim in relation to the 2022 financial year as they will be able to assist you with this.
If you have any questions, please let us know.
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