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Making Superannuation Contributions

In 2012, 30 June fell on a Saturday; this year it will fall on a Sunday. A number of people were caught out when they made their superannuation contributions on 30 June as it was not reflected in the bank until 1 July.

The relevant legislative provisions dealing with when a superannuation contribution is made do not ‘require or allow’ a contribution to be made or received by the last day of a particular year. Rather, they provide for a particular outcome if a contribution is made or received on or before the last day of a particular year.

When a contribution is made using cash or an equivalent the fund’s bank statement is generally indicative of when a contribution is received.

To ensure you do not exceed your contribution cap and the resulting tax consequences it is important that you check what contributions have been allocated to your account by your superannuation fund. They will confirm if it has been received in this financial year. Ensure you do not wait until Sunday 30 June to make your current year contribution.

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