Want to claim a deduction for super contributions?
Your super payments must be accepted by 23 June 2020.
Super payments are only considered to be paid for the purpose of claiming a tax deduction once they have been received by the super fund, not the date the Small Business Superannuation Clearing House (SBSCH) accepts them?
To ensure you can claim a deduction for the 2019–20 income year, you need to allow processing time for your super payments to be received by your employees’ super funds before the end of the 2019–20 income year.
Payments need to be accepted by the SBSCH by 23 June 2020.
Remember to check with your employees if you need to update their super fund details in your SBSCH account including, a change of ownership of a superannuation product.
If there has been a change in ownership, the super fund’s ABN or Unique Superannuation Identifier (USI) may have been changed for your employee’s super account. Super funds will inform members (your employees) of any such changes, which your employee should give you.
Deadlines for batch payments
To ensure your contributions reach super funds by the ATO’s due date (ATO website), you’ll need to allow for processing times.
Your Auto Super batches must be Approved in Xero Payroll by the following 2020 dates:
- 21 Jan 2020 – Quarter 2
- 21 Apr 2020 – Quarter 3
- 24 Jun 2020 – End of Financial Year
- 21 Jul 2020 – Quarter 4
- 21 Oct 2020 – Quarter 1
Please note that these dates are subject to change.