Institute of Certified Bookkeepers

Pay your tax deductible super before 20th June.

 
Employee superannuation is paid, typically, by software messaging your bank to pay through its payment gateway to a superstream gateway to the superfund and then allocate to the members account.  Even when paid direct to a superfund it is typically going through a gateway.  All of this means that there are a significant number of different entities moving the funds before it gets to the members account.
 
The payment becomes a tax deduction only within the financial year that it is actually received into the members account.
 
If you want a tax deduction in this 2018-19 financial year the employer must make the payment leaving enough time for all the entities to process it properly.
 
To meet your Superannuation Guarantee obligations it has to be received by the superfund into the members account by the 28th of July, but to get the tax deduction this year then it must be received before 30th June.  If you dont make 30th June but you do make 28th July then the tax deduction is permitted in the next year.  For 2019 please note the 30th is a Sunday meaning all payments should be received into the members account by cob Friday 28th.
 
  • 20th June 2019 seems to be the date to make all payments
 
The ATO Small Business Super Clearing House has specified the 21st June, however also NOTE it is offline for maintenance from late on the 21st until morning of the 24th.
  • Software houses and commercial clearing houses seem to be saying 20th or 21st with some as late as the 24th
  • Xero:   by 2pm on 20th
  • MYOB:  standard requirement is 5 days before cutoff,  23rd June
  • Intuit / Keypay which uses Clicksuper:   24th June

Further resources:

 
 

 

  • 12th June 2019
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