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.