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Lump Sum Super

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Newbie

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Hi!

I have a question about the Super cap and STP.

Presently, our family business pays Super quarterly and we aren't reaching the $25k cap. This financial year, however, we are in a position to take full advantage of the cap for both of the directors.

My question is:
- we can only do this as cash flow permits
- we want to pay as much of the cap as possible in "lumpy" rather than regular payments

If, for example, we calculate the difference between what has been paid quarterly between Jul 1 and Dec 31 and make a single payment to top this up to $25k on 1 Feb then make no further payments for the financial year, what impact will that have on compliance?
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Devotee Registered Tax Practitioner

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based on your scenario you might have a problem in the June quarter becuase if you have a Super Guarantee obligation for the quarter you will still have to pay mroe super in that quarter.

 

Best to consider holding some super for the last quarter

1 REPLY 1
Highlighted

Best answer

Devotee Registered Tax Practitioner

Replies 0

based on your scenario you might have a problem in the June quarter becuase if you have a Super Guarantee obligation for the quarter you will still have to pay mroe super in that quarter.

 

Best to consider holding some super for the last quarter