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Re: Late super

Superuser

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Replies 1

Hi,

This client has two late super payments during 2021 FY. (Paid weeks after the due date).

I believe they cannot claim these payments in the tax as tax deductions for superannuation contributions are only available for actual payments made for that period and not for amounts due.  – is that correct?

Also, a SCG statement is required to be lodged for missed payments – Is that correct?

Thanks

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Most helpful response

Taxicorn Registered Tax Practitioner

Replies 0

This client has two late super payments during 2021 FY. (Paid weeks after the due date).

I believe they cannot claim these payments in the tax as tax deductions for superannuation contributions are only available for actual payments made for that period and not for amounts due.  – is that correct?

 

Late super can be applied to the original quarter to reduce SGC payable  -  no tax deduction.

 

Or it can be applied as an advance payment on a future quarter  -  tax deduction,

but SGC for original quarter still has to be paid in full  -  no tax deduction.

 

Also, a SCG statement is required to be lodged for missed payments – Is that correct?

 

Yes.  last time I did one, I used the ATO XL forms and lodged on Portal Mail.

Worked OK, but I could not print details from XL forms.

 

1 REPLY 1

Most helpful response

Taxicorn Registered Tax Practitioner

Replies 0

This client has two late super payments during 2021 FY. (Paid weeks after the due date).

I believe they cannot claim these payments in the tax as tax deductions for superannuation contributions are only available for actual payments made for that period and not for amounts due.  – is that correct?

 

Late super can be applied to the original quarter to reduce SGC payable  -  no tax deduction.

 

Or it can be applied as an advance payment on a future quarter  -  tax deduction,

but SGC for original quarter still has to be paid in full  -  no tax deduction.

 

Also, a SCG statement is required to be lodged for missed payments – Is that correct?

 

Yes.  last time I did one, I used the ATO XL forms and lodged on Portal Mail.

Worked OK, but I could not print details from XL forms.