If you wish to claim a deduction for super contributions for the year ending 30 June 2020, and are making payments via the ATO Small Business Superannuation Clearing House (SBSCH), payments need to be accepted by the SBSCH by 23 June 2020.
To ensure you can claim a deduction for the 2019–20 income year, you need to allow processing time for your super payments to be received by your employees' super funds before the end of the 2019–20 income year.
Super payments are only considered to be paid for the purpose of claiming a tax deduction once they have been received by the super fund, not the date the Small Business Superannuation Clearing House (SBSCH) accepts them.
If you have use a different Superannuation Clearing House, you should check with them as to their cut-off date as it differs depending on the Clearing House.
Remember also to check with your employees if you need to update their super fund details in your Super Clearing House account including, a change of ownership of a superannuation product. If there has been a change in ownership, the super fund's ABN or Unique Superannuation Identifier (USI) may have been changed for your employee’s super account. Super funds will inform members (your employees) of any such changes, which your employee should give you.
Should you need further advice or need to discuss your particular requirements, please contact us, Infinite Accounting Solutions on 02 9899 4730 or via the contact page at www.ias-ca.com.au