Year End Superannuation Deadline – Fast Approaching

Although the June 2021 quarter SGC does not have to be paid until 28 July 2021, tax deductions for the superannuation contributions will only be available in the 30 June 2021 tax year if the contribution is received by the superannuation fund by 30 June 2021. A recent release from the Tax Office reminded all employers that deductions are not allowed when contributions are made via a clearing house until the payment has actually been paid by the clearing house to the trustee of the fund, and that this may take several days upon receipt by the clearing house.

Please ensure that your superannuation contributions are paid with a sufficient amount of time to process through the clearing house to ensure you can claim it as a 2021 tax deduction.