NEWSLETTERS

CLIENT ALERT

SUPER NEWS | VIEWS | CLUES

june 2023


SUPERANNUATION CONTRIBUTION CUT-OFF DATES


As we approach the end of the financial year, it's crucial to plan your superannuation contributions effectively. To assist you with this, we have compiled a summary of recommended cut-off dates for concessional (tax deductible) superannuation contributions. Timely payments will ensure that your contributions reach your super fund before Friday 30 June 2023.


If you are using a Clearing House to make payments, please keep in mind that you should allow sufficient time for the payment to be sent to and processed by your external funds. It is advisable to make each payment at least 7 to 10 business days before their due date.

 

Below are guidelines of the cut of dates, however we recommend that you make payment earlier than these dates to ensure that the funds have cleared before the Friday 30 June 2023:


  • ATO Small Business Superannuation Clearing House (SBSCH) Friday 16 June 2023.
  • BPAY or direct credit payments Friday 23 June 2023
  • Direct Debit payments Friday 23 June 2023
  • Contributions to a related-party SMSF COB Wednesday 26 June 2023

 

Please note that some industry/retail super funds may have cut off dates earlier than this so it’s important to check with each particular funds. The cut-off dates from major super funds are as follows:


  • Australian Super – Friday 23 June 2023
  • MLC Super – Friday 16 June 2023
  • Australian Ethical – Thursday 22 June 2023
  • Rest Super – Friday 23 June 2023

 

Please note that while we strongly advise making your payment before the specified date, we would like to clarify that we do not accept liability for any payment that, despite being made on time, fails to go through successfully. We recommend ensuring that you have received confirmation of the successful payment from your financial institution or payment gateway.


If you are making a Personal Superannuation contribution and you are going to claim a tax deduction do not forget to lodge your Intention to Claim declaration with your nominated super fund

Important: M Point Superannuation Services Pty Ltd (AFSL: 485840) advise clients should not act solely on the basis of the material contained in Client Alert. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. Client Alert is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.

Share by: