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Tax Deduction Reminder: Pay your Super by 30 June

super%20blog1All superannuation contributions must be paid by 30 June 2014 to claim a tax deduction this financial year. If it is not paid by 30 June 2014 the due date is 21 July 2014. Remember, if your superannuation is not paid by the due date then it is not deductible at all.

As a general rule, the contribution will be deemed to be paid when the funds are received by the superannuation fund. When making contributions by cash or electronic transfer this is when the cash or funds are credited to the superannuation funds account. Or, if payment is made by cheque, when the cheque is received by the superannuation fund, so long as the cheque is promptly presented and honoured.

Another important reminder, the superannuation guarantee rate will increase to 9.5% from 9.25% from 1 July 2014. If you are using the latest version of MYOB this will automatically update in your payroll settings. It will remain at 9.5% until July 2018.

If you would like any further information in regards to this please do not hesitate to contact our office on 02 4268 0070 or email us at info@3daccounting.com.au.