WA Super News
End of financial year update
The end of the financial year will be here before we know it, so it’s important to be aware of all the key activities including employer contribution deadlines. This is important as it ensures your employee’s accounts are credited with employer or personal contributions this financial year and you are able to claim a tax deduction for contributions in this financial year.
If you are a WA Super default fund employer, you are probably using a clearing house service, either through ClickSuper or SuperChoice. Payments via the clearing house to external super funds can take up to 5 business days, so we recommend that you submit and pay contributions by Thursday 21 June 2018 to ensure all payments are received in time.
Remember 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. The exception is the free Small Business Superannuation Clearing House service.
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 they can contribute directly from their bank account via BPAY. Please allow 5 days for transfers via BPAY too. Members may then be able to claim a tax deduction in their Income Tax return by completing the Notice to Intent form and returning it to WA Super.
WA Super will be reminding members in June of the opportunity to take advantage of the tax concessions inside of super, this includes:
- Salary sacrifice and the ability to a claim tax deduction for post-tax contributions
- Super Co–contributions Scheme
- First Home Saver Scheme
Members who have insurance with WA Super will also be emailed or mailed in June requesting they update some of their details with us (salary, employment status and occupation) to ensure they still adequately insured and are paying the correct premiums. The following member groups will be communicated to:
- All former Concept One members who hold insurance
- Members who have Income Protection Insurance or have Top or Standard Death and Total & Permanent Disablement insurance
If you have any queries from your employees, please encourage them to contact us.