July 1 legal changes all Australian businesses should know about
The start of each financial year usually brings with a host of tax changes that SMEs need to be aware of, as well a a range of other legal changes that affect large sections of the Australian business community.
Explained: Payday superannuation reforms and what small businesses need to know
Employers will need to pay their workers' superannuation every time they pay their regular wage, thanks to a significant change to retirement saving rules introduced by the Albanese government.
EOFY changes: How they will impact your business
With a new financial year on the horizon, there’s a number of changes that business owners will need to be aware of in order to stay compliant. From superannuation contributions to a rising minimum wage, here’s what you need to know for the 2022–23 financial year.
July 1 legal changes your business needs to know about
From an increase in the national minimum wage to a change in the monthly superannuation threshold, the start of financial year 2022-23 will bring with it a raft of legislative changes that affect SMEs.
Accountant warns removal of $450 super threshold could increase compliance for small businesses
The $450 monthly superannuation threshold will be removed from July, and one accountant says it is essential that small businesses start preparing.
Explained: What does the legislated increase to superannuation mean for employers?
Employers will be required to pay their workers a higher rate of superannuation from July 1 under legislated changes to super.
Superannuation guarantee: $450 monthly threshold scrapped in 2021 budget
Employers will need to make superannuation guarantee payments for more employees from next year, with the federal government moving to remove the $450 monthly minimum income threshold.
Morrison government to scrap plans to delay super rise, in new gender-focused approach to super
The Morrison government is expected to abandon plans to overturn the superannuation guarantee, which is set to rise to 12% over five years.
SMEs given weeks to pay up under superannuation amnesty or face significant fines
Employers that registered for the superannuation guarantee amnesty have just weeks left to pay outstanding amounts or enter payment plans.
The mammoth Retirement Incomes Review uncovered problems a compulsory super increase won’t solve
Pouring a greater proportion of each pay packet into the hands of super funds will not benefit Australians heading for retirement.
Small business advocates welcome government push to delay super rise
The Morrison government will delay the superannuation guarantee rise until mid-2021, in response to the COVID-19-induced economic fallout.
“Not a time to encourage saving”: Top Australian economists oppose scheduled super contribution increases
The five hikes in compulsory super contributions due to start next July should be deferred or abandoned, say leading Australian economists.
