Contribute to Super before 30 June.
If you want to make a tax deductible contribution before 30 June or pay super for your employees for a tax deduction in FY22 – Take Action NOW. Funds must be received in a fund bank account before 30 June.
|From 1 July there are two key changes:
- the contribution rate for employer super contributions will increase to 10.5%;
- the minimum $450/month threshold ($350 for hospitality) for employer contributions into super is abolished and super contributions will be required on all income.
|Employer super contributions must be paid and received in funds by no later than the 28th day after the end of each quarter. We are finding that employers paying super at the time of each payrun is a win – cashflow is smoother, there is no quarter end super project, the risk of late super diminishes and employees are happy receiving regular and timely contributions. Xero makes this process easy, so if you are interested ask us how we can make this work for you.
|If you want to know more about personal tax deductible contributions to super we have some resources to help you here and here.