As a business owner, the end of financial year can be a very busy time. On top of the usual demands of running your business, you need to get your finances sorted and plans in place for the year ahead.
It’s also important to review your personal and business super. By spending just a little time on super now, you may save yourself headaches down the track, avoid expensive penalties and take advantage of some tax concessions.
So here are five essential items for your super To Do list this financial year.
1. Be ready for contribution deadlines
All Super Guarantee contributions for the last quarter of the 2016/17 financial year must be processed by 28 July 2017. If you miss this deadline, you’ll incur a penalty from the ATO. Each super fund will have their own cut-off date for accepting contributions in time to meet the 28 July deadline, so make sure you submit your payment in plenty of time.
2. Pay early to claim a tax deduction
If you want to qualify for a tax deduction for your employees’ super contributions, you’ll need to make your Super Guarantee payment even earlier — it will need to be processed before 30 June for you to claim a tax deduction for the 2016/17 financial year.
3. Don’t forget your own super
It’s easy to neglect your super when you’re running your own business. Recent research shows that business owners and the self-employed have lower average super balances than employees — and around one in four have no super savings at all. 
If you don’t make an active effort to keep adding to your retirement savings, you could find yourself with a shortfall. And remember that super may be a tax effective investment, with most contributions and investment earnings taxed at just 15%.
If you’re self-employed, you may also claim a tax deduction for any personal contributions you make to your super account. Just make sure you complete a Notice of Intent to Claim or Vary a Tax Deduction for Personal Contributions form and send it to your super fund.
4. Ensure you’re SuperStream compliant
In October 2016, the government made it compulsory for businesses with 19 or fewer employees to use a SuperStream compliant payment channel. If you're already sending employee information and paying super electronically, there’s nothing more you need to do. But if you’re not doing it yet, you need to find a solution that will allow you to meet your SuperStream obligations.
5. Make managing super easy
While staying compliant is an essential first step, you’ll also want to make managing super as easy, efficient and cost-effective as you can. So it’s worth looking for the fastest and easiest business solution.
A simple way to stay on top of your employer contributions is to choose Essential Super as the default fund for your business. Essential Super is SuperStream compliant and MySuper approved; it’s also a simple and cost-effective solution designed to make managing super easy for your business.
With Essential Super, you can set up and manage your employees’ super contributions in NetBank, even if they’re with a different fund. So you can manage employee super in the same convenient place as your business accounts, and stay on top of your super obligations without expensive administrative overheads.
We’re here to help
If you have any questions, call us on 13 4074 (8am to 7pm [AEST], Monday to Friday) or email email@example.com
 Research from the Association of Superannuation Funds of Australia (ASFA), Super and the self-employed, May 2016.