Ph: 0422 311 350

Rate Changes from 1 July 2023

Please take note of the following rate changes that take effect from 1 July 2023 as some may apply to yourself or your business payroll:

Individuals

  • The Medicare levy low-income threshold for singles will be increased to $24,276 (up from $23,365 for 2021-22). For couples with no children, the family income threshold will be increased to $40,939 (up from $39,402 for 2021-22).
  • As working from home continues the revised fixed-rate method is now set at 67c per hour for each hour worked at home. 
  • The cents per kilometre deduction rate for motor vehicle expenses is now 85 cents per kilometre, commencing 1 July 2023. This rate applies to all eligible taxpayers who elect to use the cents per kilometre method when calculating income tax deductions for their work-related car expenses.
  • Now that covid is over if you are on a student visa work restrictions have been tightened to 48 hours per fortnight.
  • The monetary cap for recovering unpaid entitlements via the small claims process has increased from $20,000 to $100,000. 
  • If you are looking to buy your first home you can access the First Home Guarantee with friends, siblings or other family members with the definition of the idea of 'couple' being broadened.

Business

  • The super guarantee rate is increasing to 11%. Please ensure all payroll systems are updated, fines may apply.
  • The national minimum wage increases to $23.23. Please ensure all payroll systems are updated, fines may apply.
  • There are new rules for the sharing economy and reporting of tax obligations that will make the payments made more visible to the ATO.

Self Managed Super Funds

  • All self-managed super funds (SMSFs) are required to report their transfer balance events on a quarterly basis rather than annually.

Our office

Phone
0422 311 350

Email
infotaxgo@gmail.com

Address
3/2a Martin Place
Mortdale NSW 2223

Facebook
TaxGoAccountants

Do you need taxation advice?

Contact TaxGo
Name (*) Please type your name.
Contact Number (*) Please enter a contact number.
Email  Please enter a valid email address.
Enquiry  Please leave a brief message and let us know the best time to contact you You can only enter alphanumeric and these characters: !.?$:.