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|  Changes from 01 July 2022  

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The following is a quick guide to not all but some of the key changes we feel that you should know about the 2022-23 financial year.

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Changes to superannuation

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(From 01 July 2022)

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​The superannuation guarantee rate has increased to the following rate from all wages paid after 01 July 2022.

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• Superannuation Guarantee rate increased to 10.5% (0.5% increase from 10%)

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The above rate is expected to increase annually on 1 July until it reaches 12% on 1 July 2025.

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If you are still using the 9.5% rate after July 2021, this must be corrected before 28 October 2022.

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(From 01 July 2022)

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As expected,  employees earning less than $450 a month will become entitled to the superannuation guarantee. This would mean that workers on ANY income will receive the minimum superannuation guarantee payments (unless under 18 years old and working less than 30 hours per week).​

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(From 01 November 2021)

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A reminder that from 01 November 2021, if a superannuation fund was not chosen by a new employee, the employer must request the employee’s ‘stapled super fund’ (an existing super account of an employee) details from the ATO. 

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The required steps can be found here.

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Changes to workplace laws

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(please visit Fair Work Ombudsman as we are unable to advice of each individual changes)

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(From 01 July 2022)

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There will a 5.2% increase in the minimum wage (4.6% increase if covered by an award)

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For information, visit Annual Wage Review 2022.

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Changes to work from home expenses (for individuals)

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(From 01 July 2022)

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Individuals who work from home will need more detailed records to claim home office expenses after the $0.80 per hour rate (shortcut method) will come to an end on 30 June 2022.

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The $0.80 per hour claims included the following home office expenses,

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• phone & internet

• depreciation of equipment or furniture and

• electricity or gas for heating, cooling and lighting.

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With so many workers still working from home, it has been rumoured that the ATO may revise the home office expenses calculations which may affect the two remaining methods (see below) still in place after 01 July 2022.

 

(1) The fixed-rate method allowing taxpayers to claim $0.52 per hour (please keep a diary of your hours worked from home) for,

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• heating, cooling, lighting, cleaning

• the depreciation of office furniture

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Using the above rate, only the work related % of the following are separately calculated.

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• phone and internet expenses

• computer consumables

• stationery and

• the depreciation of a computer, laptop or similar device.

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(2) The actual cost method, which allows a taxpayer to claim the actual work-related % of all running expenses which must be documented and calculated “on a reasonable basis”

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Cryptocurrency & tax obligations

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The ATO is reminding all taxpayers that if people are involved in the acquiring or disposing of cryptocurrency, that they may have tax consequences which will vary depending on the nature of the transaction. As a start, anyone involved in cryptocurrency should keep ALL accurate records in relation to their cryptocurrency transactions (which has been found to be not a straightforward process).

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Further details are stated here on ATO’s website

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(Updated 27 Jun 2022)

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Disclaimer: 

Information based on facts we have summarised to the above updated date. We have not considered your personal circumstances and should you wish to consider it, please seek professional advice.