Tax Deduction Super

Want to claim a tax deduction for super contributions?

Did you know, that you can only claim a tax deduction for Super Contributions once they have been received by the super fund?  The date the ATO Super Clearing House accepts your Super payment is not considered the paid date with Super Funds.

You need to allow processing time for your super payments to be received by your employees’ super funds. To claim a tax deduction, your payments need to reach your chosen Super Clearing House by around the 23rd of the due month.

You may need to look at the way you process and pay your final Superannuation contributions before the end of the financial year if you would like to be able to claim the Super within this financial year. Your bookkeeper or BAS Agent will be able to help you with this.

Update employee details with each employee. Always check employee payroll details are up to date prior to processing your final pays for the financial year.  This will enable you to pick up any super fund details or otherwise that may have changed and need updating.

Update employee super fund details in your SBSCH or software account including a change of ownership of a superannuation product. The super fund’s ABN or USI may have been changed for your employee’s super account. Super funds will inform members (your employees) of any such changes, which your employee should give you.

Accurate Balance – Your Bookkeeper & BAS Agent, are always available to assist in any matters relating to Super Contributions and processing or payments.

We are your local Bookkeeper & BAS Agent in the Redlands and beyond and can be contacted Here. You can also find out more about Super from the ATO Here.

There is no change to when SG quarterly payments are due, all due dates can be found in the superannuation tab on the main page of Accurate Balance website. If you miss these payment deadlines a super guarantee charge statement will need to be prepared and submitted and the ATO will charge you interest and penalties.

Post Attribution: ATO Small Business Newsroom