YEAR END SUPER!!
If you want super contributions to be included in the 2023-24 financial year (for tax deductibility) the contributions need to reach the super funds by 30 June 2024.
If you want super contributions to be included in the 2023-24 financial year (for tax deductibility) the contributions need to reach the super funds by 30 June 2024.
If you use a clearing house to pay your super, their cutoff dates will be earlier than 30/6, so to let you know the key times and dates they are as follow:
ATO super clearing house (considered deductible when physically paid)
5 pm Sunday 30 June 2024
Xero:
2.00pm Tuesday 18th June 2024
Quickbooks:
5.30pm Wednesday 19th June 2024
Superannuation contributions paid after this date may or may not be received by the superannuation fund by the 30 June 2024 cut off and if they aren’t then they’ll be included in the 2024-25 financial year. The final government deadline for all super contribution payments for the 2023-24 financial year is 28 July 2024. Super contributions must be received by the super funds on or before 28 July 2024 (to be tax deductible at all).
The actual super deadline to clam the deduction for your June quarter super is 28/7, so if your contributions go in later than the dates above they are still ok – they’ll just be clamed as a deduction in the 2024/25 tax year instead.
If you need to discuss any of this further, please call the office to talk to one of the team.
