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  • Writer's pictureCOMPASS

End Of Financial year is almost here

If you want to have a super contribution counted in the 2020/21 financial year, ensure your super fund receives it by 30 June 2021

The key date for making contributions is not when you make the payment, but when it’s received by your super fund. Even though many banks and financial institutions now offer instant payments, electronic fund transfers and BPAY can take a number of days to appear in your super account.

We recommend that you make your contribution by Friday 25th June 2021 to make sure that it has been received by your super fund before the end of financial year.

You would be best to check with your super funds to make sure you don't miss the cut off date for end of financial year contributions.

BUT please remember to check your caps before contributing.

There are annual caps on how much you can put into your super account, so it’s essential to monitor the total amount of both your concessional (before-tax) and non-concessional (after-tax) contributions across all your super accounts before making a pre-30 June contribution.

Check whether any payments intended for the 2019/20 year slipped into this financial year to ensure you don’t breach your annual contribution caps.

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