What changed on 1 July 2022 for businesses?
A reminder of what changed on 1 July 2022
- 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
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