Employers note: disruption to ATO service or super payments later this month
The SW team wish to advise you that the ATO’s Small Business Superannuation Clearing House (SBSCH) online service will NOT be available from 11:30pm on Saturday 25 June to 7:00am on Sunday 26 June 2022 AEST, due to scheduled maintenance.
It is important to note, super payments can take up to 7 business days to be transferred through the ATO and super fund before they reach the employee’s super fund account. Scheduling payments too close to 30 June 2022 may mean the super payments may not clear in time.
Key super dates
As we approach the 2022 financial year end, we remind employers of some key dates for superannuation (super) processing.
- If you are an employer planning to claim a tax deduction for super payments made for the quarter ended 30 June 2022, (not actually due until 28 July 2022), the super must be paid through your bank account before 30 June 2022 and received by the actual fund by 30 June 2022.
- If you currently employ 19 or fewer employees or you have an aggregated turnover of less than $10 million, you may be an employer using the ATO’s SBSCH to pay super for your employees.
- If you are an employer currently using the SBSCH and you are planning to claim a tax deduction for super payments for the year ended 30 June 2022, it is advisable to adjust your payment plans by scheduling payments before the outage takes place. This will ensure the payments are received by your employees’ super funds before 30 June 2022.
- From the perspective of your employees, they are likely to be expecting their June quarter super amounts (SG and salary sacrifice amounts) to be included in their total concessional contributions for the 2021/2022 financial year.
- Your employees have a concessional cap of $27,500 per annuum. If the contributions are received after 30 June 2022, your employees may need to allocate these to the 2022/2023 financial year. This may adversely limit future contributions they wish to make.
How can SW help
If you would like to discuss your superannuation payment requirements or deadlines, please contact your SW advisor or one of our experts.