In 2012, 30 June fell on a Saturday and this year, 30 June would be a Sunday. For those who made superannuation contributions on 30 June 2012, they were caught out as the payments would only be reflected in their bank records on 1 July.
According to the relevant legislative provisions, it is not required for the superannuation contribution to be made or received by the last day of the financial year. Rather, the provisions do provide for a particular outcome which is the contribution made or received on or before the last day of the financial year.
Contributions made using cash or its equivalent would be reflected on the funds’ bank statement, which is generally indicative of the date the contribution is received.
To ensure you do not exceed your contribution cap, nor pay more for the resulting tax consequences, it is necessary to check regularly what contributions had been allocated to your account by your superannuation fund. They will confirm if the contributions has been received in this financial year.
Please ensure you do not wait until Sunday 30 June to pay for your current year contribution.