A handy tip for small businesses
The Australian Tax Office (ATO) only allows deductions for superannuation payments which are actually paid on or prior to the 30th of June. If you are looking at minimising your tax liability, it is recommended that businesses try and process their June quarter Superannuation payments prior to the cut off date – 30th of June. That said if your business has been running at a loss, year to date and Cash Flow is a concern then it is recommended that you consult your Tax Accountant about prior to the 30th of June to consider the best option for you.
