What changed on 1 July 2023

HomeInsights

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.          

Get started.

Since everyone's needs are different, we'll build a package and quote for the level of protection best suited to you.


CONTACT US CONTACT US



6 common refinancing traps to avoid

Refinancing your home loan can be a great way to save money, but it’s important to avoid common pitfalls.


7 tips for styling your spring open home

Spring is a popular time to sell homes, with warmer weather and blooming gardens creating an inviting atmosphere that brings out the best of any property.


Smart Financial Planning for New Parents: 9 Essential Tips to Manage Parenthood Costs

Discover 9 essential financial planning tips to help new and expecting parents manage the costs of parenthood with confidence and ease.


The hidden costs of late payments

Cash flow is the lifeblood of any business and when payments are delayed, it creates an immediate strain.


6 misconceptions about small business loans.

Small business loans are often misunderstood. These misconceptions can prevent owners from taking advantage of valuable opportunities to grow their businesses.


Luxury retail drives cbd revival as sydney leads the pack

Australia's CBD retail markets are showing signs of recovery post-pandemic with luxury brands leading the charge.


Commercial property cycle offers opportunities for investors

There are still excellent opportunities for commercial investors in retail and industrial sectors thanks to the current property cycle.


Business growth signals positive outlook for commercial property

The Australian business landscape is expanding, signalling a potentially strong future for commercial property markets.


SMART Life - Issue 18 - Spring 2024

The global economy is being shaped by conflicting triggers. These include productivity-boosting technology innovations, geopolitical tensions and the strident efforts of central banks to bring inflation under control. We examine the economic outlook and discuss the implications for your retirement savings.

Related News

14 Oct

Smart Financial Planning for New Parents: 9 Essential Tips to Manage Parenthood Costs

Discover 9 essential financial planning tips to help new and expecting parents manage the costs of parenthood with confidence and ease.


READ MORE READ MORE
19 Sep

Understanding the Taxable Payments Annual Report (TPAR): A Guide for Australian Businesses

The Taxable Payments Annual Report (TPAR) is a mandatory report for Australian businesses in certain industries to disclose contractor payments to the ATO by August 28 each year, ensuring accurate tax reporting.


READ MORE READ MORE
2 Sep

How to Prepare a NFP Self-Review Return

Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections:


READ MORE READ MORE