Note: The information provided below serves as general advice and should not be considered specific financial guidance. For advice pertinent to your unique business needs, it is recommended to visit the ATO website or seek assistance from a financial expert or your Superannuation Clearinghouse.
Please be aware that each Superannuation Clearinghouse will have a cut-off date for processing super contributions. This cut-off is essential to ensure that all contributions required to be received by superannuation funds before June 30th, 2023, are processed in a timely manner. Contributions made after this date might not reach the superannuation fund by June 30th, 2023.
Tax Deductibility and Personal Taxation Implications:
If contributions are not received by the superannuation funds (not the clearing house) before June 30th, 2023, there could be tax implications for both the employer and the employees. For specific help on this matter, it is advisable to refer to the ATO website or consult a financial professional or speak with your superannuation clearing house.
In some cases, it may even be worth considering processing a partial pay run or alternatively paying your employees in advance to ensure the superannuation is processed correctly.