What changed on 1 July 2022 for businesses?What changed on 1 July 2022 for businesses?
What changed on 1 July 2022 for businesses?What changed on 1 July 2022 for businesses?

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

Feel like sharing?
No items found.

Related Insights

Blog
Meg Rowland
  •  
17
 
June 2025

New Financial Year, New Me....?

New Financial Year, New Me....?

Why a Career in Accounting Might Be the Best Decision You Haven't Made Yet

Blog
Ben McConnell
  •  
9
 
June 2025

Tax Tips for Farmers

Tax Tips for Farmers

As we approach the end of the financial year, now's the time to think seriously about tax planning - especially if you're a farmer.

Blog
Kirstie Croser
  •  
5
 
June 2025

End of Year Superannuation Planning

End of Year Superannuation Planning

Key Tasks to Tackle Before June 30

We are here for you

We look forward to working with you to help you achieve a better financial future. Let us guide you on the path to financial success.

Contact your preferred Murray Nankivell office today.

A male and a female accountants from Murray Nankivell dressed in suits.Leah Cother, accountant