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What changed on 1 July?

What changed on 1 July?

A reminder of what changed on 1 July 2022

Business

  • Superannuation guarantee increased to 10.5%
  • $450 super guarantee threshold removed for employees aged 18 and over
  • Small business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay through the year is lowered)
  • ATO guidance on how profits of professional firms are structured comes into effect introducing new risk criteria
  • New guidance on unpaid trust distributions to corporate beneficiaries comes into effect that may treat some unpaid distributions as loans and trigger tax consequences

Individuals

  • Superannuation guarantee increased to 10.5%
  • Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible contributions)
  • Age for downsizer super contributions reduced to 60 years and older
  • Value of voluntary super contributions that can be withdrawn under the First Home Saver Scheme increased to a total of $50,000
  • New ATO guidelines on trust distributions come into effect primarily impacting distributions to adult children
  • Home loan guarantee scheme extended to 35,000 per year for first home buyers and 5,000 per year for single parents
  • Australia’s minimum wage increased

Tags: tax |