What changed on 1 July 2023?
August 9, 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.