Superannuation Reminder – EOFY 2018

Superannuation Reminder – EOFY 2018

Payments of superannuation must be received by the relevant fund by 30 June to obtain a tax deduction for the current financial year.   Accordingly, we suggest you do not leave this until the last day, as some funds may not receipt the payment until after 30 June which can lead to complications.

Note that if you “EFT” the payment, the ATO maintains the date of payment is the day it is received by the fund, not the day it left your bank account!  So, do not leave your EFT and BPay payments until the last few days in June.  Note also that payments from “clearing houses”, also need to reach the super funds by 30 June – check the cut-off date for superannuation payments with the clearing house you use.

The required level of superannuation for all employees is 9.5% for the year ending 30 June 2018.  To avoid incurring the non-deductible Superannuation Guarantee Charge (SGC), we suggest you ensure you have covered all employees, including employed directors and “owners”, for the SGC as all contributions for the 2017/2018 year must be paid prior to 28 July 2018.

A reminder also that the quarterly payment system of SGC contributions continues into the next financial year.

Please contact us with any queries.