Don’t Forget To Do These Critical Things For Super before the end of the financial year!

Small Business Super Clearing House Deadlines

In order to qualify for a tax deduction for the 2022-23 financial year, Super Guarantee contributions
must be paid by 30th June 2023. Some clearing houses can take over a week to submit the payment
to the super fund, but the fund must receive the contribution before the deadline. To keep on top, the
best practice may be to pay before 20th June (to allow extra time for the clearing houses to process the payment).

Payments may take up to 7 business days to be transferred through the ATO and super fund
before they reach the employee’s super fund account. Leave enough time for your SG payments to reach the super fund and allow for their processing timeframes.

Depositing Contributions For Your SMSF

Any contributions that have been recorded for your SMSF need to be deposited into the fund’s
bank account by no later than 30 June. This is especially important where members have reported
concessional or non-concessional contributions on their tax returns.

But remember that you can’t claim the tax deduction until you have lodged your notice of intent to claim a tax deduction and have received an acknowledgement back from the fund. No early lodgements if you have made a contribution to super.

Alexander Laureti is the Principal and Managing Director of LMS Advisory. He holds a Bachelor’s degree in Accounting and Law, and he is a Fellow of the CPA (Certified Practising Accountants) and a Chartered Tax Advisor. Alexander has over 17 years of experience as an accountant in Public Practice.
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