Please be aware superannuation contributions are taking up to 10 days to reach a superannuation fund when processed through a Superannuation Clearing House.
Superannuation Guarantee obligations are only met when the contributions are received by the Super Fund, not when received by the Clearing House.
In addition, for the purposes of claiming a tax deduction, superannuation contributions are only considered to be paid once they had been processed as received by the fund, not the date the Small Business Superannuation Clearing House (SBSCH) accepts the payment.
If you have a Self-Managed Superannuation Fund (SMSF)
For business owners who are making contributions to their SMSF, please consider paying your final contributions into your SMSF by EFT to ensure your fund receives final payments for FY20 year before 30 June.
If you are an Employer using a Small Business Superannuation Clearing House (SBSCH)
If you are using a SBSCH please be aware that for FY20, super payments need to be accepted by the SBSCH to allow time for your employees’ super funds to receive the payments by 30 June.
It is important to meet this timeframe, as the timing of the payments may impact the individual tax position of employees.
If you have any questions please contact your Client Manager.
