As 30 June is fast approaching, care needs to be taken when making super contributions intended to count towards this year’s caps or claiming a tax deduction in 2019/20. This can be important for both employers and individuals.
As a general guide, a contribution is made when it is received by the super fund. For example, with electronic transfers (including BPAY) the contribution will be deemed to be made when the funds are credited to the super provider’s account, not the day the transfer is made.
For those who like to leave things to the last minute, it is also very important to check you’re your individual super fund to understand their cut off dates for receiving contributions, as these can be quite varied from fund to funs. Cut off dates may also vary depending on the method of payment.
