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20 June 2014

Superannuation Reminder 

Payments of superannuation must be received by the relevant fund by 30 June to obtain a tax deduction for the current financial year.   Accordingly, we suggest you do not leave this until the last day, as some funds may not receipt the payment until after 30 June, which can lead to complications.  Note that if you "EFT" the payment, the ATO maintains the date of payment is the day it is received by the fund, not the day it left your bank account!  So, do not leave your EFT and BPay payments until the last few days in June.  Note also that payments from "clearing houses" such as the Medicare facility, also need to reach the super funds by 30 June – they have advised a cut off date of 23 June to be certain of this.

The required level of superannuation for all employees is 9.25% for the year ending 30 June 2014.

To avoid incurring the non-deductible Superannuation Guarantee Charge (SGC), we suggest you ensure you have covered all employees, including employed directors and "owners", for the SGC as all contributions for the 2013/2014 year must be paid prior to 28 July 2014.

A reminder also that the quarterly payment system of SGC contributions continues into the next financial year.  Note that the percentage increases to 9.5% from 1 July 2014 – so payroll systems will require attention.

Please contact our office with any queries.

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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