Self Managed Super Funds last call to make contributions before 30 June!

A tax deduction is available for superannuation contributions up to the “concessional cap” – which is $25,000 for the 2021 tax year.

The ATO only regards payments as being “made” when they are received by your superannuation fund, and NOT when they leave your bank account.

Payments to superannuation funds can only be made through a third party “clearing house” – this combined with the information the ATO receives from Single Touch Payroll, helps the ATO track super payments in close to real time, which means they can monitor whether people are fulfilling their superannuation obligations.

Unfortunately, this puts a delay on funds actually getting to a superannuation fund – which can be as long as 5 working days from when payment is made to the clearing house.

Therefore please ensure you make payment of any superannuation contributions for which you wish to claim a tax deduction for in this financial year, in time for them to be processed through the superannuation clearing house AND received by the superannuation fund.

As the 30th June is a Wednesday, payments made after COB on the previous Wednesday are unlikely to be received by your superannuation fund by the 30th June, and therefore will be ineligible for a deduction this year.