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claiming tax deduction on super contributions

Claiming a tax deduction on super payments?

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Are you claiming a tax deduction on super payments? Using the Small Business Superannuation Clearing House (SBSCH)?

If you intend to claim a tax deduction for super payments you make for employees in the 2020-21 income year, those payments must be accepted by the SBSCH on or before 23 June 2021.

This allows processing time for the payments to be received by your employees’ super funds before the end of the 2020-21 income year.

In addition to claiming a tax deduction on super payments, it is also important to remember to check with your employees if their super fund details need to be updated in your SBSCH account.

For further information on the superannuation obligations as an employer, you can find an employer checklist at the Australian Taxation Office website here 

This checklist covers important points including Eligibility, paying and reporting electronically, paying on time and record keeping.

Our team at Gerard Wilkes & Associates are also here to help. If you have any questions or would like to discuss this article further, please contact us at https://www.wilkes.com.au/contact-us/ or call our office 07 5532 1733.

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