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- Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible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- Value of voluntary super contributions that can be withdrawn under the First Home Saver Scheme increased to a total of $50,000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
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It’s more than just reducing expenses or helping you improve profitability today. It's about fast tracking your success by taking the time to build a shared vision of your best future. Backed with dedicated and unparalleled team industry leading expertise, empowering you with the tools and guidance to make informed decisions, streamline your financial processes, raise the bar on what’s possible and help you achieve your business goals more efficiently.
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With over thirty years of experience, we know that a good business stems from the roots; from our people.
We offer a unique combination of taxation, accounting, financial and advisory services tailored to the individual requirements of your business.
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