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Tax Planning Tip of the Month
Remember that employee superannuation needs to be paid by employers by the 28th day after each quarter end at a rate of 10.50% of ordinary time earnings from 1 July 2022. If not paid on time, the superannuation is not tax deductible, and penalties and interest charges apply.
Any late superannuation guarantee is required to be paid to the tax office, who then ensures that the employee nominated fund receives the late super.
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