Top Tax Tip for franchises
Pay your June quarter Super early – for both your employees and yourself.
Even though the quarterly super guarantee payment is not due till 28th July, if you pay it early you can get the tax deduction this year.
But to claim it this year, the super contribution actually has to be RECEIVED by the fund before the 30th June.
As it takes a few days for the funds to process the contributions make sure you don’t leave it to the last minute. And certainly not the 30th June or the day before.
To be safe, pay the super on the 20th or 21st of June. Next week.
That way you’ll be sure it gets there and you’ll be able to claim the tax deduction.
What about your own Super?
If you’re a business owner, be sure to pay super for yourself, up to the limit of $25,000.
This limit includes super from all sources in the financial year. So be careful to allow for any SGC of 9.5% which has been paid on your wages already this year. You can then ‘top up’ the difference, between what has already been paid and the upper limit of $25,000.
Superannuation can be a great way to get tax relief and still build your personal wealth.
Let me know if you need a hand
Peter