Join our investing community

Amendment of Super in previous FY

Discussion in 'Superannuation, SMSF & Personal Insurance' started by McCuzzle, 21st Jun, 2018.

  1. McCuzzle

    McCuzzle New Member

    Joined:
    21st Jun, 2018
    Posts:
    1
    Location:
    Sydney
    Hi There,
    I operate as Pty Ltd company for my various contracting and other engagements. I don't do my taxes until well after the end of financial year. As an example, for FY17, my accountant did my taxes in February 2018, with lodgement mid May, tax payable mid June 2018. The issue I face every year is the calculation and payment of Superannuation guarantee for the FY, when I don't know my taxable income for that year until months later.
    Is there a way that I can make an amendment for the previous FY once I've done my taxes?
    From what I understand, SG is attributed to the FY its paid in, and can't be paid for a FY retrospectively.
    Thanks
     
    twisted strategies likes this.
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    861
    Location:
    Sydney
    Sounds like your company may not be paying you a wage. If it was then the SG would have been paid when the wage was paid (or shortly after).

    What do you mean by amend super?
     
    twisted strategies likes this.