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 
  • Lower small business GST and PAYG tax instalments. The total tax liability remains the same. However, the business pays a reduced amount throughout the year.
  • 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.


  • Superannuation guarantee increased to 10.5%
  • Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible contributions)
  • Age for downsizer super contributions reduced to 60 years and older
  • The total value of voluntary super contributions people can withdraw under the First Home Saver Scheme increased to $50,000 
  • New ATO guidelines on trust distributions come into effect, primarily impacting distributions to adult children
  • The home loan guarantee scheme extended to $35,000 per year for first home buyers and 45,000 per year for single parents
  • Australia’s minimum wage increased.