Superannuation Payable by end of June

Superannuation - Claiming the Tax Deduction

An employer , if intending to claim a tax deduction for Super payments , be aware that these payments are considered to be paid (and therefore tax deductible in the current year) once they have been processed and received by the employee's Super funds  An employer meets its Superannuation Guarantee obligations when the Super is paid by 28 July 2025.

Interest on ATO Debt will not be tax deductible

The Government has announced that GIC (interest on ATO debt) which is currently 11.17% will no longer be tax deductible from 1 July 2025 which means the true cost to the business is even higher. The ATO historically might have cancelled the interest upon request but now because of the high levels of ATO debt they are becoming less likely to do so.  https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/deny-deductions-for-ato-interest-charges

Tax Time

Director ID

All estimated  2.5 M Directors in Australia from November 2021 will need to verify their identity as part of a new director identification number (Director ID) regime. The Director ID will be a unique identifier that a director will apply for once and will keep forever.