EOFY reminders

Making super contributions before 30 June

With the end-of-financial-year fast approaching, you may be looking to make last minute super contributions before the new financial year commences. To ensure contributions intended for this financial year are treated as such, it’s important to understand:

  • when a contribution is treated as having been ‘made’ from a technical perspective, and
  • individual super providers’ specific cut-off times and dates for receipt of contributions.

 

When is a contribution ‘made’?

A contribution is ‘made’ when it is received by the superannuation fund.

 

Methods of payments

Contribution is made when:
Electronic transfers Credited to the fund’s account
Cheque Received by the fund*

* If cheque is dishonored, the contribution was never made.

 

It’s important for you to understand that a contribution must be received by the super fund to be treated as having been ‘made’. Taking an action to make a contribution doesn’t determine this. Sufficient time needs to be allowed, based on the contribution method plus the time that can take for funds to be received and cleared.

The issue of a contribution being ‘made’ is also important for employers, as this determines the financial year a tax deduction can be claimed. Employers now need to lodge contributions via the super clearing house with the ATO – these payments can take up to 2 weeks to be processed.

 

Important processing cut-off dates

Any last minute super contributions will need to be ‘received and processed‘ by Friday, 30th June.

We highly recommend:

Contribution type

Last day to be processed

Cheque

* allowing for cheque clearance

 23rd June
EFT & BPay

* can take up to 3 days to be received

27th June

 

 

If you need any help making last minute contributions, please do not hesitate to contact our office.

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