With EOFY fast approaching, please find below a summary of recommended cut off dates for concessional (tax deductible) superannuation contributions to be paid to superannuation funds and clearing houses. Making payment by these dates will ensure that your contributions hit the relevant super funds before Tuesday 30 June 2020, thereby maximising your tax deductions and preventing any potentials issues with contribution caps.
Please note a super contribution is not deemed to have been made for income tax deduction purposes until actually received by the fund (not the date you have made the payment to the fund or clearing house).
|Type||Cut off date|
|If you are paying via a Clearing House, you need to allow for the payment to be sent to and processed by member’s external funds.||It is recommended you make each payment by 3pm, at least 5 business days before the due date (Wednesday 24 June 2020)|
|BPAY or direct credit payments||Tuesday, 23 June 2020|
|Direct debit payments||Wednesday, 24 June 2020|
|Contributions to a related-party SMSF||COB Friday 26 June|
Please note that some industry/retail super funds may have cut off dates earlier than this so it is important to check with each particular fund.
If you have any questions, please don’t hesitate to reach out to our Business Advisory or Superannuation Advisory teams.