ARTICLE · 29 JUNE 2014

Superannuation tax planning for 2014-15

Moore Australia

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The article discusses various issues of interest relating to superannuation, superannuation contributions and tax.

AustraliaTax

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1. Pay superannuation contributions before 30 June 2014

To obtain a tax deduction for the 2014 tax year, ensure that you pay the minimum superannuation contributions (9.25%) and any additional superannuation contribution in respect for yourself and your employees by 30 June 2014. The contribution must be received and banked by the super fund by 30 June 2014.

To avoid incurring non tax deductible SGC including interest and penalties for the quarter ended 30 June 2014, ensure you pay the minimum level of superannuation by 28 July 2014, if not already paid by 30 June 2014.

Please note the superannuation guarantee rate will increase to 9.5% from 1 July 2014.

2. Review maximum concessional contribution limits

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