The new financial year is here – and that means a string of changes.
July 1 is an important mid-year milestone, bringing with it many changes such as new laws and regulations, fees and charges, and taxes and benefits.
Employers and Business
- The superannuation guarantee increased to 11% from 10.5%
- National and Award minimum wage increases take effect.
- Work restrictions for student visa holders reintroduced to 48 hours per fortnight – see details here
- 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 businesses kicks in – it will apply to energy bills if you meet the criteria, which can be found here
For you and your Family
- The new 67-cent fixed rate method for working from home deductions – ensure you have a record of when you work from home as 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 childcare subsidy will increase from 10 July 2023 for families with household incomes under $530,000. See the Services Australia website for details
- New parents can claim up to 20 weeks of paid parental leave.
- Access to the age pension increased to 67 years of age.