EOFY is just a week away! My 3 last-minute super tips.

With the end of financial year now just 5 business days away, here are three quick super things to consider over the next week:

  1. If you’re self-employed and looking to BPay your super payment, you’ll need to get cracking pretty quickly. Keep in mind that the payment is not based on what date it leaves your account, but the date it goes into the superfund, which can take up to two business days.
  2. If you’re an employer wanting to claim a tax deduction on contributions, they need to leave your account before 30 June.
  3. As of 1 July 2021, the minimum superannuation contribution an employer needs to pay ALL employees, regardless of hours worked or amount earned, is 10% of their gross wage. This is something we have been discussing for months as it will inevitably result in some working Australians taking a forced pay cut.

If you haven’t actioned these super items yet, it’s time to get onto them – there are still a few days to get them done!