As we approach the busy End of Financial Year season, it’s crucial to mark some key dates on your calendar for Payroll. This information is especially relevant if you have superannuation contributions to be made for your employees in this financial year for tax deduction purposes.
Here are the important details you need to know:
To ensure timely processing, please submit and approve your clients’ Automatic Superannuation batches, including these contributions, by 2 pm AEST on June 14, 2023.
We strongly recommend this date as it allows sufficient time for the following processes to take place:
- Direct debit from your clients’ nominated bank account.
- Clearing of payments to our third-party clearing house, SuperChoice.
- Direct crediting of payments and provision of contribution advice by SuperChoice to the destination super funds.
- Receipt of cleared payments and contribution details by the super funds for their members, all by June 30.
Please note that any contributions received by destination super funds after June 30 may not be eligible for tax deductions for your employees.
