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DON’T MISS OUT ON YOUR SUPER DEDUCTION!

As most business are now using Superannuation Clearing Houses to pay their superannuation you must ensure that you leave enough time for the superannuation payment to pass through the clearing house and be received by the superannuation fund.

All superannuation payments, both Superannuation Guarantee Contributions (SGC) as well as salary sacrificed amounts, are not considered ‘received’ by the ATO until the funds are in the members superfund account. 

The exception is when you are using the ATO Clearing House. The ATO considers SGC to be ‘received’ when the funds are received by the ATO Clearing House. Please note that this is not the case when contributing salary sacrificed amounts.

In order for salary sacrificed payments to reach the superfund by 30 June 2016, they must be received by the ATO Small Business Clearing House by no later than 6pm (AEST) Thursday 23 June 2016.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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