Paying into Superfund on 30th June

I want to salary sacrifice 25k, its June 30. Will it be counted if it is paid on June 30 and does not clear into SMSF until July 1st? I am needing to make some last minute adjustments and my accountant is on holidays until tomorrow

 

Must clear into the smsf BEFORE 1 july.

In Liwszyc v Commissioner of Taxation the court confirmed the ATO’s position, as follows:

"in the case of a contribution of funds by way of an electronic funds transfer, the contribution will be made when the amount is received by the superannuation provider"

Youve really left it too late.

 

Thanks.

 

about 9.5 hours to go and it is a saturday!

 

It depends what bank you are with. Some of our accounts allow instantaneous transfer even between between different banks. So if you can do an instant transfer, you have 4.5hrs to go...

Otherwise... get more organized next year as that delay probably cost you at least 15% extra tax on the 25k contribution = 3750 in tax you could have “minimized”

 

I did that the other night. Instant between 2 banks, but my limit was just $1000

 

Correct. Ah well, tax man gets a tip this year

 

The exception to the banking rule can be using the Medicare clearing house BUT its only available for employer contributions and salary sacrifice. It is considered paid when received. Its the ONLY clearing house they accept on that basis.

Some banks do accept Saturday deposits BUT not to all commercial accounts. I know Westpac accept BT Super deposits on Saturdays however. We had a client make a $50K deposit to his / wife's super on Saturday...Use the bank the fund banks with and would have been OK. eg ANZ = Onepath etc....Industry Funds not so - Check with the fund

Google your bank for Sat trading branches : eg CBA Branch weekend and holiday opening hours - CommBank
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