What changed on 1 July 2023

HomeInsights

What changed on 1 July 2023.


Employers & business

  • Superannuation guarantee increases to 11% from 10.5%
  • National and Award minimum wage increases take effect.
  • The minimum salary that must be paid to a sponsored employee - the Temporary Skilled Migration Income Threshold - increased to $70,000 from $53,900.
  • Work restrictions for student visa holders reintroduced to 48 hours per fortnight.
  • The cap on claims via the small claims court procedures for workers to recover unpaid work entitlements increases from $20,000 to $100,000.
  • Energy Bill Relief Fund for small business kicks in – it will apply to your energy bills if you meet the criteria.
  • Sharing economy reporting to the ATO commences for electronic distribution platforms.


Superannuation

  • Superannuation guarantee increases to 11%
  • Indexation increases the general transfer balance cap to $1.9 million.
  • Minimum pension amounts for super income streams return to default rates.
  • SMSF transfer balance event reporting moves from annual to quarterly for all funds.


For you and your family

  • The new 67 cent fixed rate method for working from home deductions – make sure you have a record of when you work from home. The ATO won’t accept a simple “I work from home every Wednesday” x 8 hours calculation.
  • Access to the first home loan guarantee expands to “friends, siblings, and other family members.”
  • The Medicare low income threshold has increased for 2022-23.
  • The child care subsidy will increase from 10 July 2023 for families with household income under $530,000. See the Services Australia website for details.
  • New parents able to claim up to 20 weeks paid parental leave.
  • Access the age pension increased to 67 years of age.          

Get started.

Since everyone's needs are different, we'll build a package and quote for the level of protection best suited to you.


CONTACT US CONTACT US



Planning For Your Retirement

WEBINAR - Registration Essential
8th August 2025 - 12:30 - 1:30.p.m

The best retirements are those planned well in advance. Because when it comes to designing the life you want, age should never be a limit. In this expert-led webinar, we’ll walk you through the essential strategies to help you create a financially secure and fulfilling retirement - on your terms.


SMSF - Using Your Super To Invest In Property

WEBINAR - Registration Essential
1st August 2025 - 12:30 - 1:30.p.m

Thinking about using your super to invest in property? Join our expert-led webinar to explore how a Self-Managed Super Fund (SMSF) can help you build long-term wealth through property investment. 


SMSF: Is It The Right Investment Strategy For You?

WEBINAR - Registration Essential
25th July 2025 - 12:30 - 1:30.p.m


Join our free webinar, SMSF: Is It the Right Investment Strategy for You?, to explore how a Self-Managed Super Fund can help you take control of your retirement in today’s changing economic landscape.

Related News

4 Jun

Reduce financial pressure with downsizer contributions

To be eligible to make a downsizer contribution to your super, you must be aged 55 or older and have owned your home for at least 10 years prior to the sale.


READ MORE READ MORE
4 Jun

What can we learn from the world’s most accomplished investors?

The investment market volatility that kicked off in March 2025 has felt like a punch, particularly for those in or nearing retirement.


READ MORE READ MORE
3 Jun

Hardship Happens. What Matters is What You Do Next

Struggling with loan repayments? Discover the truth about financial hardship arrangements, how they impact your credit, and the proactive steps you can take to regain control. 


READ MORE READ MORE