Super Deadline
If after consulting with your Accountant, you are planning to bring forward payment of your June quarter super to secure a tax deduction in the year ending 30/6/23 please be aware that it must reach the employee’s super fund by 30th June.
As we are required to use clearing houses to pay super this means bringing forward this payment to ensure the clearing house has sufficient time to make this happen.
This also applies if you want to maximise how much is contributed for you individually for that financial year. There are limits to what can be contributed for an individual annually. Exceeding your maximum allowable contribution can lead to increase tax being incurred. It is therefore highly recommended that you speak to your Accountant/Financial Adviser to seek advice on how much additional super you are able to contribute to avoid any additional tax.
If using the Auto-Super function in Xero you must submit your super payment by 2pm on 14th June 2023.
If you are using an alternative clearing house we suggest you check their processing cut-off date now to avoid disappointment.
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