WA Super News

End of financial year

27/05/2019

With the end of financial year fast approaching, there are some important cut off dates you need to be aware of. This is important as it ensures your employee’s accounts are credited with employer or personal contributions this financial year and you are therefore able to claim a tax deduction for those contributions in this financial year.

Processing deadlines

If you are a WA Super default fund employer, you are probably using our clearing house service, SuperChoice. Payments via the clearing house to external super funds including WA Super can take up to 5 business days, so we recommend that you submit and pay contributions by 12pm WST Friday 21 June 2019 to ensure all payments are received in time.

Please note that if you use a clearing house your employee's super contribution is counted as being paid on the date the super fund receives it, not the date the clearing house receives it from you.

If your employees wish to make last minute changes to their salary sacrifice arrangements to ensure they maximise their concessional caps, please remind them that instead of salary sacrificing they can contribute directly from their bank account to WA Super via BPAY. Please allow 2 days for transfers via BPAY too. Members may then be able to claim a tax deduction in their tax return by completing the Notice of Intent form and returning it to WA Super.

If you receive any queries from staff about salary sacrifice or how they claim a tax deduction on a personal contribution, please feel free to forward them to WA Super so we can help.

If you have any questions about your super obligations as an employer or any questions about super in general, please contact us on 08 9480 3500.

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