Deducting your Superannuation Contributions
Pay by COB Tomorrow to Ensure your Deductions for 2020 EOFY!!!
June 30 is only next week!!!
A friendly reminder that if you are wanting to ensure your contributions for you personally, or through your business on behalf of you and other staff are tax-deductible for 30 June 2020, you need to ensure that you pay all contributions by COB tomorrow 26th June 2020.
This is required to allow your Superfund time to process the credit before 30 June 2020.
For individuals wanting to “top up” and contribute more, you can do so making your total contributions (including those paid up to today) up to the concessional contributions cap total of $25,000.
For businesses wanting to ensure that their June quarter contributions are deductible in the 2020 financial year you can do so by making your payment for the June quarter contributions for your staff prior to 30 June 2020 (as payment is only deductible in the year that contributions are received by the recipient superannuation funds).
Key Dates
- By 26 June: Payment must be completed to ensue receipt
- Closing Date: 30 June
If you have not yet spoken to your Traverse advisor, please contact us now to assist you throughout this process
