New changes from 1 July 2023

New changes from 1 July 2023

From 1 July 2023, new tax measures and changes to rates and thresholds will apply which will affect businesses, superannuation, and individuals.


  • Minimum salary paid to a sponsored employee under the Temporary Skilled Migration has increased from $53,900 to $70,000.
  • Energy Bill Relief for Small Businesses commences and will apply to your energy bills where you meet the relevant criteria.
  • Award rates of pay and the National Minimum Wage has increased and will apply to fulltime, casuals, junior workers and apprentices.
  • Work restrictions for Student Visa Holders have been reintroduced to cap how much they can work while studying to 48 hours in a fortnight.


  • Superannuation Guarantee rate has increased from 10.5% to 11%.
  • Transfer Balance Cap has increased to $1.9 million.
  • Minimum pension amounts for superannuation income streams return to default rates.
  • Reporting of a Transfer Balance event changes from annual to quarterly.


  • Fixed rate method for calculating your home office deduction increases from 52c to 67c.
  • Access to the age pension has increased to 67 years of age.
  • Childcare subsidy will increase for families with household income under $530,000.
  • Cents per kilometre rate for motor vehicle deductions increases from 78c to 85c.

Please contact Waterford Accountants if you wish to discuss these new measures.