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What changed on 1 July 2023

What changed on 1 July 2023

Employers & business

  • Superannuation guarantee increases to 11% from 10.5%
  • National and Award minimum wage increases take effect.
  • The minimum salary that must be paid to a sponsored employee – the Temporary Skilled Migration Income Threshold increased to $70,000 from $53,900.
  • Work restrictions for student visa holders reintroduced to 48 hours per fortnight.
  • The cap on claims via the small claims court procedures for workers to recover unpaid work entitlements increases from $20,000 to $100,000.
  • Energy Bill Relief Fund for small business kicks in – it will apply to your energy bills if you meet the criteria.
  • Sharing economy reporting to the ATO commences for electronic distribution platforms.

 

Superannuation

  • Superannuation guarantee increases to 11%
  • Indexation increases the general transfer balance cap to $1.9 million.
  • Minimum pension amounts for super income streams return to default rates.
  • SMSF transfer balance event reporting moves from annual to quarterly for all funds.

 

For you and your family

  • The new 67 cent fixed rate method for working from home deductions – make sure you have a record of when you work from home. The ATO won’t accept a simple “I work from home every Wednesday” x 8 hours calculation.
  • Access to the first home loan guarantee expands to “friends, siblings, and other family members.”
  • The Medicare low income threshold has increased for 2022-23.
  • The child care subsidy will increase from 10 July 2023 for families with household income under $530,000. See the Services Australia website for details.
  • New parents able to claim up to 20 weeks paid parental leave.
  • Access the age pension increased to 67 years of age.

 

Cents per kilometre increase

  • The cents per kilometre rate for motor vehicle expenses for 2023-24 has increased to 85 cents.

 


Questions?

If you have any questions about superannuation or related matters, please contact us today on 07 3263 7030 or tax@mcfillin.com.