It's nearly the end of another financial year and here is a hot tax tip for you regarding SUPER. If you would like a tax deduction in the 2019 year for either an employee super or a personal contribution we recommend that the payment leaves your bank account by Friday 21st June 2019.
The last business day of this financial year is 28th June and for tax deductibility purposes, super contributions must be allocated to a members account by the end of the financial year. A contribution is not considered 'made' at the time the clearing house receives the monies.
Contribution caps are also tested in relation to the timing of the contribution to a members account and allocation by the fund trustees.
Contact us now for further information - 4968 0500.