Employers & Business:

• The Superannuation Guarantee has been raised to 11% from its previous rate of 10.5%.
• National and Award minimum wage increases have been implemented.
• The Temporary Full-Expensing measure has come to an end.
• The Temporary Skilled Migration Income Threshold, which denotes the minimum salary for sponsored employees, has increased to $70,000 from $53,900.
• Work restrictions for student visa holders have been reintroduced, allowing them to work up to 48 hours per fortnight.
• The cap on claims via small claims court procedures for workers seeking unpaid work entitlements has significantly increased from $20,000 to $100,000.
• Small businesses can benefit from the Energy Bill Relief Fund, subject to meeting specific criteria, which provides assistance with energy bills.
• Sharing economy reporting to the Australian Taxation Office (ATO) has commenced for electronic distribution platforms.

Superannuation:

• Superannuation guarantee has been raised to 11%.
• The general transfer balance cap has been increased to $1.9 million due to indexation.
• Minimum pension amounts for super income streams have reverted to default rates.
• Self-Managed Superannuation Fund (SMSF) transfer balance event reporting has shifted from an annual to quarterly requirement for all funds.

For You and Your Family:

• A new fixed rate method for working from home deductions, at 67 cents per hour, has been introduced. Proper records of working hours from home are required, as a simple weekly calculation is no longer acceptable to the ATO.
• The cents per kilometre rate for motor vehicle expenses for the year 2023-24 has risen to 85 cents.
• First home loan guarantee access has been expanded to include “friends, siblings, and other family members.”
• The Medicare low-income threshold has been increased for the year 2022-23.
• The child care subsidy has increased from 10th July 2023 for families with household income under $530,000. For more information, refer to the Services Australia website.
• New parents can now claim up to 20 weeks of paid parental leave.
• The age at which individuals can access the age pension has been increased to 67 years of age.

Should you please have any question in regards to above, please feel free to contact our friendly team in Pitt Martin Tax at 0292213345 or info@pittmartingroup.com.au.

The material and contents provided in this publication are informative in nature only.  It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained.

By Robert Liu @ Pitt Martin Tax