For super contributions to be deductible within the 2019FY, you must ensure your payments are received by super funds before 30 June 2019.
If you use the ATO Small Business Super Clearing House (SBSCH) though, the ATO have just advised that if you intend to claim a tax deduction for payments in this financial year they must be received by the SBSCH by COB Friday 21 June 2019. This is due to the ATO's annual system maintenance. Other clearing houses may have similar early dates, so it is best to check with your clearing house on when they may require payments to be received.
In short, ACT NOW to ensure a tax deduction in this year for employer contributions.
For ease of reference, here are a few types of other super contributions that are possible, aside from Employer Contributions:
Concessional Contributions - deduction can be made for Personal Deductible Contributions or additional Salary Sacrifice Contributions. This is limited to $25,000 (including employer contributions) per Financial Year.
Non-Concessional Contributions - (Personal) after-tax contribution. A cap of $100,000 applies per annum, and up to $300,000 using the bring-forward rule - dependent on previous Financial Year contributions, your age (ie. under or over 65) and work-status for those aged 65 and older.
(Note -If a lower income earner who earns at least 10% of their income from employment or running a business makes a non-concessional contribution, they may be eligible for a Government co-contribution of up to $500.)
Spouse Contributions - A tax offset is available of up to $540 on super contributions up to $3,000 which are made on behalf of a spouse, if the spouse’s income is $37,000 p.a. or less.
Remember that in order for your contribution to be counted in this Financial Year, it must be received by your Super Fund account before the 30th of June; and as that is a Sunday, it needs to be received by COB Friday 28th June.
We recommend seeking advice due to the complexities around super, so please contact us if you’d like to clarify anything.
Please contact us if you have any assistance or have any questions.