Changes to Super in 2023
As the End of Financial Year approaches, we want to remind you that the superannuation rate is set to increase from 10.5% to 11% on payments made after 01/07/2023. However, if you wish to take advantage of the current rate, you can prepay your super (or most of it) for the June Quarter.
By doing so, you can not only reduce the super amount due but also claim the expense in your 2023 tax return, thus bringing forward your tax deduction. If you have the funds available and would like us to handle the lodgement on your behalf, please let us know.
Please keep in mind that Xero super processing must be submitted immediately (due date was 14/6/23) for submissions to go through on time. Additionally, if you want to avoid paying the increased superannuation rate, you need to make sure your ATO clearing house lodgements are paid before 30/06/2023.
If you have any questions or require assistance with your superannuation, please don’t hesitate to contact us on 1800 618 800 or via email at admin@simmonslivingstone.com.au. We are here to help you navigate the complexities of the tax system and ensure that you meet all your obligations in a timely manner.
