
What changed on 1 July?
A reminder of what changed on 1 July 2022 Business Superannuation guarantee increased to 10.5% $450 super guarantee threshold removed for employees aged 18 and over Small business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay through the year is lowered) ATO guidance on how profits of professional firms are structured comes into effect introducing new risk criteria New guidance on unpaid trust distributions to corporate beneficiaries comes into effect that may treat some unpaid distributions as loans and trigger tax consequences Individuals Superannuation guarantee increased to 10.5% Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible