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