Don’t miss out on a deduction this financial year for your superannuation contributions!

The due date for payment of employer superannuation contributions for the quarter ending 30 June 2021 is 28 July 2021.  However, superannuation contributions are only deductible for income tax purposes when they are made.  To ensure superannuation contributions for this quarter are deductible this year, they will need to be received by a superannuation fund by 30 June 2021.

In relation to this, many superannuation funds and superannuation clearing houses that process contributions for businesses are advising that superannuation contributions need to be paid by 22 June 2021 to ensure that they can be processed before the end of the financial year.

We recommend that businesses wanting to claim a deduction for superannuation contributions this financial year should attend to payment of these as soon as possible and by no later than 22 June.

Individuals who are making contributions by direct debit or BPay should also allow sufficient time for these to be received and processed by the superannuation fund.

The simple message is: pay soon to ensure you are entitled to a tax deduction this year!