What changed on 1 July 2023
Employers & business
| Date | Changes and actions |
| 1 July 2023 | – GST and PAYG uplift factors reduced to lower instalment amounts. – Small business instant asset write-off for depreciating assets costing less than $20,000 commences (subject to amending legislation). – $20,000 small business energy boost commences.* – 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. |
| 14 July 2023 | – Single touch payroll finalisation declarations need to be made (extensions can apply for closely held employees). |
| 28 July 2023 | – Quarterly super guarantee payment due (1 April – 30 June). |
| 31 July 2023 | – TFN report due for any TFNs received from beneficiaries in the June 2023 quarter. |
| 28 August 2023 | – Taxable payments annual reports for payments to contractors due. |
| 31 August 2023 (on or before) | – Send written notice of entitlement to distributions to any beneficiaries that are tax-exempt entities. |
| 30 June 2024 | – $20,000 small business energy boost scheduled to end.* – Skills & training boost scheduled to end.* |
| 1 July 2024 | – Super guarantee rate increases to 11.5%. |
Superannuation
| Date | Changes and actions |
| 1 July 2023 | – Indexation increases general transfer balance cap to $1.9 million. – Superannuation guarantee increases to 11% – Minimum pension amounts for super income streams return to default rates. – SMSF transfer balance event reporting moves from annual to quarterly for all funds. |
| 1 July 2025 | – Extra 15% tax on earnings for super balances above $3m commences* |
For you and your family
| Date | Changes and actions |
| 1 July 2023 | – 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. |
