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Unknown8580's avatar
Unknown8580
Contributing User
2 years ago

Cut off date of Super Payment FY22/23

What will be the cut off date for the Supernannuation to be processed in this Financial Year? 

superannuation

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  • Julie_A_C's avatar
    Julie_A_C
    Partner
    2 years ago

    Hi Unknown8580 

     

    I assume you are asking about the superannuation for the June 2023 quarter in particular.

     

    Superannuation is never an alloable deduction for a business until it is actually paid.  So while the June quarter super is not due for payment until 28/7/2023, if you wish to claim in this year it must be paid and received by the super fund by 30/6/2023.

     

    To know when your clearing house, whoever you use (MYOB or the ATO Super clearing house, or an actual default super fund) is up to them to let you know.  

     

    While the money may have gone from your bank account prior to 30/6/2023, unless the clearing house has forwarded it on to each fund, in time for them to receive by 30/6/2023 is the main problem.

     

    This year I have two clients paying employees 29/6/2023, so I will be processing super accrued to date up to 22/6/2023 so it will be received by super funds by 30/6/2023, and then processing the last pay run of 29/6/2023 after that.

     

    That way we will get 90% of the deduction in this financial year and there will only be a small amount that carries over.

     

    Hope this helps.

     

    • BreeDeCunha's avatar
      BreeDeCunha
      Experienced User
      2 years ago

      MYOB, can you please confirm what date we need to process in MYOB (if we are using the MYOB Clearing house) in order for it to be counted in 2023 year?

      • Sean_DC's avatar
        Sean_DC
        MYOB Moderator
        2 years ago

        Hi BreeDeCunha 

         

        Thank you for your post.

         

        If you want to make a personal contribution to your super account before the end of the 2022/23 financial year, you'll need to submit it before the end of FY to ensure it is received and allocated to your account by 30 June 2023. Your employee's super contribution is only considered 'paid' on the date it's received by the super fund. Not the date it's received by the clearing house. More information can be found in ATO's article on Super payment due dates.

         

         

        Please feel free to post again. I'm happy to assist further.

         

        If my response has answered your enquiry please click "Accept as Solution" to assist other users in finding this information.