Regardless of whether you are making the superannuation contribution for your employees or for yourself, in order to claim a tax deduction for the amount, there are a couple of conditions…
Firstly the amount must be physically paid and received by the superannuation fund by 30th June – if you usually wait until the end of the month to make these payments, you might want to diarise to do the June payment a little earlier so there is enough time for the payment to be processed by the banks.
This is particularly important if you or your employees have a strategy in place to maximise concessional contributions for the year – if you don’t get that payment in on time, there can be significant tax implications!
Also, if you are making a personal contribution, you will need to notify your superannuation fund of your intent to claim a tax deduction so they can record it correctly.
So remember…diarise those June superannuation payments so you and your employees don’t miss out!