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June 2019 - last edited June 2019
From one of my clients, earlier today:
The Australian Taxation Office's Small Business Superannuation Clearing House has announced that they must receive June Quarter superannuation contributions by 5 p.m. on Friday 21st June, to ensure that superannuation funds using the SBCH receive their contributions by 30th June. (This even though the deadline for June Quarter super contributions to be paid to funds is 28th July).
See the attached story from the SBSCH News Room - SBSCH End-of-Financial-Year Processing Dates
For many employers with pay periods ending between 21st and 30th June, this may be difficult to achieve.
Does MYOB have any advice on how to handle this ? Particularly for employers using Single Touch Payroll.
Kym Yeoward CPA & CC
I received the same email and wondered the same thing. All super clearing houses have a deadline ranging from the 20th to 24th June. I understand that to claim a tax deduction payments must be received by the fund by 30 June but my pay week finishes on Thursdays with payment made on fridays. Am I supposed to guess two weeks pay (I’m only in the office Tuesdays and fridays so would need to pay super on 18th) for my casual employees to make the June 20 deadline, process pays early but not declare or send reports until Fridays when payment is made?!
This year is so much fun 😜
My understanding of the deductibility for Super payments is that they must bee received by the Super Fund, and allocated to the members account, before 30 June.
I suggest employers paying Super, using whatever means, do so before 20 June.
The alert from the ATO could have been better worded but the purpose was to inform to use the ATO Clearing House before the specified date to enable deductibility in FY19.
Some Directors also topup to the $25,000 by salary sacrifice in June.
By example a Salary of $100,000 has SG of $9500.
The Director may wish to make a topup of $15,500 in June.
It is important that this payment is made before say 20 June.
As Gavin mentions, the SG law requires payment of SG within 28 days within the end of the quarter.
For my clients, I pay April and May SG in June and June SG in July.
The question then arises what does the BAS Agent or Tax Agent do with the June SG not paid in June.
An adjustment must be made via the P&L/Balance Sheet or as an adjustment on the Tax Return.
I prepare Journals within MYOB at 30 June and 01 July for the June SG not paid in June.